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Austria's economy is dominated by the service sector, which includes sales, hotel and restaurant services, and health and education. The country is also a leader in manufacturing, with exports ranging from cars and automobile parts to electrical energy and piston engines. However, Austria is perhaps best known for its fine crystal, including glassware, lighting, fashion, and jewelry, with the world-famous Swarovski crystal manufactured in Innsbruck. The country also has a strong food and beverage industry, being the largest exporter of non-alcoholic sweetened or flavoured beverage waters, including Red Bull, and producing famous Austrian foods such as Wiener Schnitzel and Sachertorte.
| Characteristics | Values |
|---|---|
| Exports | Blood fractions including antisera, cars, medication mixes in dosage, heterocyclics and nucleic acids, automobile parts or accessories, phone devices including smartphones, electrical energy, piston engines, non-alcoholic drinks, electrical converters and power units, handguns, railway maintenance vehicles, unprocessed artificial staple fibres, non-alcoholic sweetened or flavoured beverage waters, crystal, wine, clothing, food items |
| Importers | Germany, the USA, Italy, Switzerland, Poland, Slovakia, Belgium, France, Hungary, the Czech Republic, the UK, China, other European countries, North America, Asia, Africa, Latin America, Oceania |
| Economic factors | Strong labour movement, highly developed industry, international tourism, foreign investment, access to the European Single Market, proximity to aspiring economies of the EU |
| Culture | Classical music, skiing, cities such as Vienna and Salzburg, Wiener Schnitzel, Sachertorte, pumpkin seed oil, chocolate, yodeling |
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Wine
The rule of Charlemagne from 788 saw the reconstruction of vineyards and the introduction of new grape presses. Austrian wine production was then nurtured by the Church under Otto the Great, who saw off the threat of Magyar incursions in 955. The wine business boomed in the 16th century, but the Thirty Years War and other conflicts in the 17th century, along with heavy taxation, took their toll. In 1780, various drink taxes were unified by Maria Theresa and Joseph II to encourage viticulture, and an imperial decree of 1784 gave birth to the Austrian tradition of inns called Heurigen, where winemakers could sell home-grown food with their wine all year round.
In the 19th century, Austrian vineyards were hit by powdery mildew and downy mildew, but the industry survived. After World War I, Austria was the third-biggest wine producer in the world, much of it exported in bulk for blending with German wine. However, this intensification of viticulture led to a focus on high-volume, industrialised production, and in the 1980s, massive yields of poor-quality wine threatened the industry. The infamous ''antifreeze scandal' of 1985, in which it was revealed that some wine brokers had been adulterating their wines with diethylene glycol, destroyed the market for Austrian wine. Exports collapsed and some countries banned Austrian wine altogether.
However, the scandal ultimately saved the industry, forcing a change in wine culture towards an emphasis on quality. Strict new regulations were introduced, and producers moved towards more red wine and a dry style of white wine. Today, Austria is known for its diverse, high-quality wines, with a strong focus on sustainability and organic, biodynamic viticulture. Austrian wines are mostly dry white wines, with some sweeter wines also produced. About 30% of wines are red, with popular varieties including Blaufränkisch, Zweigelt, and Saint Laurent. White wines include the famous Grüner Veltliner, which alone accounts for almost 30% of Austrian vineyards, as well as Riesling, Chardonnay, and Sauvignon Blanc.
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Food
Austrian cuisine is known for its hearty dishes, sweet pastries, and comforting soups. It is characterised by rich flavours and a generous use of meats and root vegetables, with a wide array of decadent desserts.
Austria's most famous food is arguably the Wiener Schnitzel, a cornerstone of Austrian cuisine. This dish consists of a thin slice of veal that is breaded and fried to a golden perfection. It is served with a wedge of lemon and a side of potato salad, cucumber salad, or French fries. Wiener Schnitzel can be found everywhere from street food stalls to high-end restaurants across Austria.
Another beloved Austrian food is the Vienna Sausage, celebrated for its rich pork taste and delightful blend of spices. It is often served with white bread, dark sourdough, or a side of mustard and horseradish.
Austria is also known for its pastries, such as the Kaiserschmarrn, a fluffy, caramelized pancake that is torn into bite-sized pieces, dusted with powdered sugar, and typically served with a side of apple or plum compote. The Apple Strudel is another classic Austrian dessert, showcasing thin layers of dough filled with spiced apples.
Austrian cuisine also includes a variety of dumplings, such as Kaspressknödel (cheese dumplings) and Spinach Knödel (made with spinach). Freshwater fish, particularly trout, is also commonly served in various ways.
Finally, Sachertorte is a classic Austrian dessert that is both decadent and delicious. This rich chocolate cake features a thin layer of apricot jam and is coated in dark chocolate icing. It is traditionally served with unsweetened whipped cream and often comes with a dark chocolate medallion on top.
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Crystal
Austria is known for manufacturing a wide range of fine crystal, including glassware, lighting, fashion, and jewelry. Austrian crystal is traditionally handmade and precision-cut, giving it a brilliant sparkle. If you're visiting Innsbruck, you can see the world-famous Swarovski crystal being manufactured, as well as the Swarovski Crystal World attraction. If your travels don't take you to Innsbruck, you can still find Swarovski crystal at showrooms and retailers across the country.
Austria has a strong tradition of crystal craftsmanship, and it is renowned for its high-quality, sparkling crystal products. The precision-cut Austrian crystal is valued for its brilliance and sparkle, which has made it popular around the world. This tradition of crystal-making has contributed to Austria's reputation as a leader in luxury goods and high-end craftsmanship.
Swarovski crystal is perhaps the most well-known example of Austrian crystal. Founded in 1895 by Daniel Swarovski, the company has become synonymous with exquisite crystal creations. Swarovski's innovative cutting techniques and attention to detail have set the standard for Austrian crystal. Their products range from intricate jewelry and accessories to home decor and lighting fixtures, all showcasing the brilliant sparkle of precision-cut crystal.
In addition to Swarovski, there are other notable crystal manufacturers in Austria. Some specialize in crystal glassware, creating elegant wine glasses, champagne flutes, and decanters that elevate the art of entertaining. Others focus on lighting fixtures, designing stunning chandeliers and lamps that reflect and refract light in dazzling ways. There are also fashion designers who incorporate Austrian crystal into their creations, adding a touch of sparkle to evening gowns, accessories, and even everyday wear.
The Austrian crystal industry is an important part of the country's economy, with a significant portion of exports related to crystal goods. The reputation for quality and craftsmanship has made Austrian crystal sought-after worldwide, contributing to the country's economic growth and cultural reputation.
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Textiles
Austria's economy is dominated by its manufacturing sector, which includes textiles, clothing, and leather goods. The country is home to over 220 textile companies, employing around 10,000 people, and the industry generated a turnover of EUR 2.7 billion in 2023. Austrian textiles are known for their high-quality and innovative designs, and the country boasts an impressive 80% export rate, with Europe as its main sales market.
The textile industry in Austria encompasses a diverse range of products, including clothing, home textiles, and technical textiles. Some Austrian companies are global market leaders in the production of terry cloth and high-quality cellulose fibres. The share of technical textiles in the overall turnover of the Austrian textile industry is significant, accounting for more than 50%.
The western region of Vorarlberg is renowned for its embroidery, with family-run businesses that have been crafting exquisite pieces for 250 years. These businesses are known for their resilience, flexibility, and prompt delivery, contributing to the overall success of the Austrian textile industry. The domestic fashion landscape is characterised by micro-companies, with designers catering to various niches.
In recent years, the Austrian textile industry has been focusing on sustainability and circular economy practices. The Environment Agency Austria has conducted studies highlighting the need for better waste management, sustainable production, and efficient use of resources in the textile sector. The country aims to reduce textile waste, strengthen sustainable practices, and improve recycling capabilities to align with the EU's Circular Economy Action Plan.
The Austrian government is actively working towards developing a circular economy policy for textiles, in collaboration with partners across the value chain. This includes an emphasis on intelligent design, circular manufacturing, and long-term consumption to reduce waste and promote the reuse and recycling of textiles.
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$26.99
Exports
Austria's economy is dominated by the service or tertiary sector, which includes sales, hotel and restaurant services, health, and education. The secondary sector, which includes manufacturing, energy production and supply, and construction, represents 28% of Austria's GVA. The primary sector, including agriculture and forestry, makes up only 1.2% of Austrian GVA.
Austria's exports are largely focused on trade with other EU countries, which account for almost 66% of Austrian exports. In 2023, Austria's total exports were worth $223.9 billion, translating to roughly $24,700 for every resident. The top importers of Austrian goods are Germany (28.6% of the Austrian total), the USA (7.1%), Italy (6%), Switzerland (5%), Poland (3.7%), Slovakia (3.7%), Belgium (3.6%), France (3.6%), Hungary (3.5%), the Czech Republic (3.5%), the UK (2.6%), and China (2.4%).
Austria is known for its exports of fine crystal, including glassware, lighting, fashion, and jewelry. The world-famous Swarovski crystal is manufactured in Innsbruck, and crystal products can be found across the country. Austrian wine is also highly sought-after, particularly in Vienna, where there are 630 wine producers. Austrian wine tends to be sweeter, and production occurs most in the western borders, towards Slovenia.
Austria is also a leader in the export of non-alcoholic beverages, including sweetened or flavored beverage waters, such as Red Bull. In 2020, Austria exported $2.33 billion worth of beverages. Additionally, Austria has a high level of specialization in handguns, railway maintenance vehicles, and unprocessed artificial staple fibers, such as rayon and lyocell. In 2020, Austria was the world's largest exporter in each of these fields.
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Frequently asked questions
Austria is famous for its Wiener Schnitzel and Sachertorte. Sachertorte is a decadent chocolate cake made popular by the Hotel Sacher in Vienna. Wienerschnitzel is traditionally made from tenderized veal coated in breadcrumbs and fried.
Austria is known for its wine and Red Bull. Austrian wine is known for its intense and highly sought-after flavours. Red Bull is an energy drink that was first manufactured in Austria.
Some famous Austrian brands include Swarovski, known for its crystal glassware, lighting, fashion, and jewelry, Glock, known for its handguns, and Plasser & Theurer, known for its railway maintenance vehicles.
Austria is known for its fine crystal, handmade and precision-cut, giving it a brilliant sparkle. Austria is also known for its clothing made from boiled wool, which is dense, warm, and nearly waterproof.
