| ECONOMY |
| Overview |
Austria, with its
well-developed market economy and high standard of living, is
closely tied to other EU economies, especially Germany's. Membership
in the EU has drawn an influx of foreign investors attracted
by Austria's access to the single European market and proximity
to EU aspirant economies. Slowing growth in Germany and elsewhere
in the world held the economy to only 1.2% growth in 2001, 0.6%
in 2002, and 0.8% in 2003.. To meet increased competition from
both EU and Central European countries, Austria will need to
emphasize knowledge-based sectors of the economy, continue to
deregulate the service sector, and lower its tax burden. A key
issue is the encouragement of much greater participation in
the labor market by its ageing population. |
| GDP |
purchasing power parity - $227.7
billion (2002 est.) |
| GDP
- real growth rate |
1.1% (2002 est.) |
| GDP
- per capita |
purchasing power parity - $27,900
(2002 est.) |
| GDP
- composition by sector |
agriculture: 2%
industry: 33%
services: 65% (2002 est.) |
| Population
below poverty line |
NA% |
| Inflation
rate (consumer prices) |
1.8% (2002 est.) |
| Labor
force |
4.3 million (2001) |
| Labor
force - by occupation |
services 67%, industry and crafts
29%, agriculture and forestry 4% (2001 est.) |
| Unemployment
rate |
4.8% (2002 est.) |
| Industries |
construction, machinery, vehicles
and parts, food, chemicals, lumber and wood processing, paper
and paperboard, communications equipment, tourism |
| Industrial
production growth rate |
3.8% (2001 est.) |
