Economy - overview:
Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Following several years of solid foreign demand for Austrian exports and record employment growth, the global economic downturn in 2008 led to a recession that is likely to persist through 2009. The government's stabilization measures could increase the budget deficit to about 2.8% of GDP in 2009 and above 3% in 2010, from about 0.6% in 2008. The Austrian economy has benefited greatly in the past from strong commercial relations, especially in the banking and insurance sectors, with central, eastern, and southeastern Europe, but these sectors have been vulnerable to recent international financial instabilities, and some of Austria's largest banks have required government support. Even after the global economic outlook improves, Austria will need to continue restructuring, emphasizing knowledge-based sectors of the economy, and encouraging greater labor flexibility and greater labor participation to offset its aging population and exceedingly low fertility rate.
GDP (purchasing power parity):
$331.2 billion (2008 est.) country comparison to the world: 37 $324.7 billion (2007 est.)
$313.7 billion (2006 est.)
note: data are in 2008 US dollars
GDP (official exchange rate):
$414.8 billion (2008 est.)
GDP - real growth rate:
2% (2008 est.) country comparison to the world: 159 3.5% (2007 est.)