Diplomatic representation in the US:
chief of mission: Ambassador Eva NOWOTNY
chancery: 3524 International Court NW, Washington, DC 20008-3035
telephone: [1] (202) 895-6700
FAX: [1] (202) 895-6750
consulate(s) general: Chicago, Los Angeles, New York
Diplomatic representation from the US:
chief of mission: Ambassador Susan R. McCAW
embassy: Boltzmanngasse 16, A-1090, Vienna
mailing address: use embassy street address
telephone: [43] (1) 31339-0
FAX: [43] (1) 3100682
Flag description:
three equal horizontal bands of red (top), white, and red
Economy Austria
Economy - overview:
Austria, with its well-developed market economy and high standard
of living, is closely tied to other EU economies, especially
Germany's. The Austrian economy also benefits greatly from strong
commercial relations, especially in the banking and insurance
sectors, with central, eastern, and southeastern Europe. The economy
features a large service sector, a sound industrial sector, and a
small, but highly developed agricultural sector. Membership in the
EU has drawn an influx of foreign investors attracted by Austria's
access to the single European market and proximity to the new EU
economies. The current government has successfully pursued a
comprehensive economic reform program, aimed at streamlining
government, creating a more competitive business environment,
further strengthening Austria's attractiveness as an investment
location, pursuing a balanced budget, and implementing effective
pension reforms. Weak domestic consumption and slow growth in Europe
have held the economy to growth rates of 0.4% in 2002, 1.4% in 2003,
2.4% in 2004, and 1.8% in 2005. To meet increased competition from
both EU and Central European countries, particularly the new EU
members, Austria will need to continue restructuring, emphasizing
knowledge-based sectors of the economy, and encouraging greater
labor flexibility and greater labor participation by its aging
population.
GDP (purchasing power parity):
$265.8 billion (2005 est.)
GDP (official exchange rate):
$293.4 billion (2005 est.)
GDP - real growth rate:
1.8% (2005 est.)
GDP - per capita (PPP):
$32,500 (2005 est.)
GDP - composition by sector: agriculture: 1.8% industry: 30.4% services: 67.8% (2004 est.)