Lyla Lindsey
Austria has achieved sustained economic growth since the end of World War II. In 2018, the country's GDP was $431 billion, representing a year-on-year real growth of 2.7%, which was significantly better than the European Union (EU) average of 1.9%. Austria's economic success is attributed to its diverse exports, stable banking system, and effective regulatory oversight. The service sector is the most important contributor to Austria's GDP, while agriculture has declined in contribution since 1950 to less than 3%. Vienna, as a finance and consulting hub, has also contributed significantly to the country's economic growth.
| Characteristics | Values |
|---|---|
| GDP in 2018 | $431 billion |
| GDP growth rate in 2018 | 2.7% |
| GDP growth rate in 2019 | 1.6-1.8% (expected) |
| GDP growth rate in 2006 | 3.3% |
| GDP growth rate in 1995 | 1.7% |
| GDP growth rate in 1996 | 2% |
| GDP growth rate in 1997 | 1.2% |
| GDP growth rate in 1998 | 2.9% |
| GDP growth rate in 1999 | 2.2% |
| GDP growth rate in 2016 | 1.5% |
| GDP per capita in 2024 | $58,669 |
| GDP per capita in Vienna | €38,632 |
| GDP contribution of the agricultural sector | <3% |
| GDP contribution of the service sector | Most |
| GDP contribution of tourism | 10% |
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What You'll Learn
Austria's GDP growth
In 2006, Austria's GDP growth rate reached 3.3%, and the country has consistently maintained high rankings in GDP per capita. Vienna, in particular, has become a financial and consulting hub, contributing to the country's economic growth. The stability of Austria's economy is further demonstrated by its strong banking system, comprising 597 institutions, which held assets of $1.1 trillion in 2018.
Austria's diverse exports have also contributed to its GDP growth. In 2018, the value of exports rose by 5.7% to nearly $170 billion, with a strong position in Central, Eastern, and South Eastern Europe. Additionally, the country has a thriving service sector, which generates the vast majority of its GDP, including tourism, which accounts for around 10%.
Overall, Austria's GDP growth has been impressive, outperforming the EU and eurozone averages for several years. The country's effective fiscal policies, positive budget balance, regular current account surpluses, and stable political and social environment have contributed to its strong economic performance.
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Austrian agriculture's contribution to GDP
Austria has achieved sustained economic growth since the end of World War II. In the 1950s, the country's rebuilding efforts led to an average annual growth rate of more than 5% in real terms, which continued at about 4.5% through the 1960s. Austria's GDP growth has fluctuated since then, with moderate growth in the mid-1990s, followed by an expansion of 2.9% in 1998 and 2.2% in 1999.
Austria's membership in the European Union (EU) has brought economic benefits and challenges. The country joined the EU in 1995, which opened up access to the European Single Market and drew foreign investors. Since joining the EU, Austria's economy has become closely integrated with other member countries, particularly Germany.
While agriculture has historically been an important sector in Austria, its contribution to GDP has declined over time. In the early 1970s, all but two provinces (Vienna and Vorarlberg) had more than 10% of their populations involved in farming. However, by 1991, not a single province had as much as 10% of its population engaged in agriculture and forestry. This decline in the farm population was rapid, even when compared to other Western countries.
Despite the decline in the number of farmers, Austrian agriculture still plays a significant role in the country's economy. Austrian farmers provide approximately 80% of the country's domestic food requirements. In the early 1990s, Austria achieved self-sufficiency in cereals, milk products, and red meat due to gains in agricultural labour productivity. The value of agricultural and forestry output is heavily concentrated in field crops, meat, and dairy products, with animal husbandry making the most significant contribution.
However, the agricultural sector's contribution to Austria's GDP has decreased since 1950, falling to less than 3%. In 2022, agriculture contributed around 1.39% to Austria's GDP, while the service sector dominated with 62.14%, and the industry sector contributed 26.11%. The decline in agriculture's share of GDP is partly due to the small and fragmented nature of Austrian farms, which are typical of other mountainous countries in Western Europe, making production relatively expensive.
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Austrian service sector's contribution to GDP
Austria has achieved sustained economic growth since the end of World War II. In 2024, Austria had a nominal GDP per capita of $58,669, ranking 13th globally. Vienna was ranked the fifth-richest region within Europe, with a GDP per capita of €38,632.
The Austrian economy is deemed one of the most stable in Europe, relying on a robust network of export-focused SMEs, excellent academic standards, and significant spending on research and development. The country has a very high GDP per capita, estimated by the IMF at USD 61,080 in 2025.
The service or tertiary sector dominates the Austrian economy, contributing approximately 62.14% of the GDP in 2022 and 70% of the gross value added (GVA). This shift from the primary and secondary sectors to the tertiary sector has been dramatic in recent decades. In the 1960s, agriculture and forestry represented 11% of the GVA, while the production sector (47%) was larger than the service sector (42%). Today, the primary sector, including agriculture and forestry, contributes only 1.2% to 1.39% of the GVA, and the secondary sector, including manufacturing, energy production, and construction, contributes 28%.
Tourism is vital to the Austrian economy, accounting for around 3.8% to 10% of the country's GDP. Vienna has become a finance and consulting hub, with its law firms and banks leading in business with the new EU member states. The largest employers in the service sector are in sales, hotels, and restaurant services, as well as health and education.
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Austrian tourism's contribution to GDP
Austria has achieved sustained economic growth since the end of World War II. In 2024, the country had a nominal GDP per capita of $58,669, ranking 13th globally. Vienna, the country's capital, was ranked the fifth-richest region within Europe.
Tourism is a vital industry for Austria's economy, contributing significantly to its GDP. In 2019, the pre-pandemic year, tourism accounted for 7.6% of Austria's GDP, with domestic and foreign guests spending approximately €37.9 billion. This figure dropped during the COVID-19 pandemic, with tourism contributing 4.5% to the GDP in 2020 and 4.1% in 2021. However, the industry recovered in 2022, welcoming around 39.8 million guests, including 26.2 million international tourists.
Austria's natural attractions, such as the Alps, rivers, and lakes, as well as its historical and cultural offerings, make it a popular tourist destination. The country has a high density of guest beds and boasts the highest per capita income from tourism in the Organisation for Economic Co-operation and Development. Vienna, Salzburg, and Tyrol are particularly popular destinations, with Vienna attracting tourists in both summer and winter.
In 2023, the total contribution of travel and tourism to Austria's GDP nearly reached pre-pandemic levels, amounting to €50.5 billion. This figure is expected to grow, with a predicted contribution of €53.5 billion in 2024.
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Austrian exports' contribution to GDP
Austria's economy has seen sustained growth since the end of World War II. The country's GDP growth rate averaged over 5% in the 1950s, and around 4.5% in the 1960s. In 2006, Austria's GDP growth rate was 3.3%, and it had a very high nominal GDP per capita of $58,669 in 2024, ranking 13th globally. Vienna, in particular, is a significant contributor to Austria's economy, with a per capita GDP of €38,632.
Exports play a crucial role in Austria's economy, with trade being a major element of its economic activity. As a member of the European Union, Austria has strong trade ties with other EU countries, which account for approximately 66% of its imports and exports. Additionally, expanding trade with Central and Eastern European countries accounts for about 14% of Austrian exports.
The service sector generates the majority of Austria's GDP, with tourism being a significant contributor, accounting for around 10% of the country's GDP. International tourism is a vital part of the Austrian economy, attracting visitors to its famous ski resorts, such as Arlberg and Kitzbühel, from Eastern Europe, Russia, and the United States.
While agriculture contributes less than 3% to Austria's GDP, the country's agricultural sector provides about 80% of domestic food requirements. Industrial enterprises in Austria are generally small on an international scale, but some industries, such as iron and steel works, chemical plants, and oil corporations, are global competitors.
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Frequently asked questions
Austria's GDP was $431 billion in 2018, which represented a year-on-year real growth of 2.7%.
Austria's GDP is largely generated by the service sector. Tourism is also important, accounting for around 10% of the country's GDP. The agricultural sector contributes less than 3% of the country's GDP.
Austria has been one of the best-performing economies in the euro area, with growth rates above the EU average. In 2024, Austria's nominal GDP per capita was ranked 13th in the world, with Vienna ranked as the fifth-richest NUTS-2 region within Europe.
