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Austria's currency in the 1980s was the schilling, which was introduced in 1925 and abolished in 1938 following Germany's annexation of Austria. After World War II, the schilling was reintroduced and remained the country's currency until 1999 when the euro was introduced at a fixed parity of €1 = 13.7603 schillings. The euro became the official currency in 2002, and old schilling coins and notes were phased out from circulation. Today, the euro is the currency used in Austria, with euro coins and banknotes in denominations of 1, 2, 5, 10, 20, 50, 100, 200, and 500.
| Characteristics | Values |
|---|---|
| Currency | Austrian Schilling, Euro |
| Currency Code | EUR |
| Currency Symbol | € |
| Banknotes | 5, 10, 20, 50, 100, 200, 500 |
| Coins | 1, 2, 5, 10, 20, 50 |
| Exchange Rate (1945) | 1 Reichsmark = 1 Schilling |
| Exchange Rate (2002) | 1 Euro = 13.7603 Schilling |
| GDP per capita (2024) | $58,669 nominal GDP per capita |
| GDP per capita (EU Ranking) | 5th |
| Average GDP Growth (1992-2017) | 13th |
| Average Population Growth | 1.37% |
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What You'll Learn
The Austrian schilling
After World War II, the schilling was reintroduced on 30 November 1945 by the Allied Military. They issued paper money in denominations of 50 groschen, 1, 2, 5, 10, 20, 25, 50, 100, and 1,000 schillings. The Nationalbank also began issuing schilling notes in 1945, and the first coins were issued in 1946. In 1947, new banknotes were introduced, with the earlier notes exchanged for new notes at par for the first 150 schillings, and at a rate of 1 new schilling for 3 old schillings thereafter.
In 1925, bronze 1 and 2 groschen, cupro-nickel 10 groschen, and silver 1⁄2 and 1 schilling coins were introduced, followed by cupro-nickel 5 groschen issues in 1931. In 1934, cupro-nickel 50 groschen and 1 schilling were introduced, along with silver 5 schilling. Coins were issued until 1938, with gold and silver coins also in circulation.
The euro became the official currency of Austria in 1999, but euro coins and notes were not introduced until 2002. Old schilling coins and notes were phased out from circulation by 28 February 2002. The euro was introduced at a fixed parity of €1 = 13.7603 schillings. The Österreichische Nationalbank (Austrian National Bank) continues to exchange schilling banknotes and coins for euros for an unlimited period.
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The transition to the euro
The Austrian schilling was the country's currency from 1925 to 1938 and from 1945 to 1999, and it continued to circulate until 2002. The schilling was established by the Schilling Act (Schillingrechnungsgesetz) of 20 December 1924, at a rate of one schilling to 10,000 kronen. The currency was abolished in 1938 after Germany's annexation of Austria and was replaced by the Reichsmark. After World War II, the schilling was reintroduced on 30 November 1945 by the Allied Military.
In 1999, the euro became the official currency of Austria, with euro coins and notes introduced in 2002. The schilling was phased out from circulation by 28 February 2002. The exchange rate was set at a fixed parity of €1 = 13.7603 schillings.
Austria's economy has been closely tied to Germany's historically. However, since Austria became a member state of the European Union, it has gained closer ties to other European economies and reduced its economic dependence on Germany. Austria's membership in the EU has also attracted foreign investors, thanks to its access to the European Single Market and its proximity to aspiring EU economies.
Austria's economy is a highly developed social market economy, and the country is one of the fourteen richest in the world in terms of GDP per capita. It ranks fifth in the European Union in terms of GDP per capita, well above the EU average. Austria's average GDP growth from 1992 to 2017 was 13th among OECD countries.
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The Austrian economy in the 80s
The Austrian economy in the 1980s was characterised by sustained economic growth, following the country's recovery from the First and Second World Wars. By the 1980s, Austria's economy was one of the strongest in the world in terms of GDP per capita, and the country had achieved an average GDP growth rate of 13th in OECD countries from 1992 to 2017.
Austria's currency in the 1980s was the schilling, which was introduced in 1925 and remained the country's currency until 1938 when it was abolished following Germany's annexation of Austria. The schilling was then reintroduced after World War II in 1945 and circulated until 1999 when it was replaced by the euro. The euro was introduced for accounting purposes, and euro coins and notes were introduced in 2002, phasing out the old schilling currency.
Until the 1980s, many of Austria's largest industry firms were nationalised. However, in recent years, privatisation has reduced state holdings to a level comparable to other European economies. Austria's economy is a highly developed social market economy, with strong labour movements that have a large influence on labour politics. The country also has a highly efficient and robust social security system, with social expenditure standing at roughly 29.4% of GDP.
International tourism is a crucial part of the Austrian economy, and the country has seen sustained economic growth since the 1950s, with rebuilding efforts leading to an average annual growth rate of more than 5% in real terms. Austria's membership in the European Union has also positively impacted its economy, reducing its economic dependence on Germany and attracting foreign investors. Vienna, in particular, has been ranked as one of the richest regions in Europe, with a high GDP per capita.
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The role of the EU
Austria has been a member of the European Union (EU) since 1 January 1995. As a member of the EU's economic and monetary union, Austria's economy is closely integrated with other member countries, particularly Germany.
Austria's membership in the EU has brought economic benefits and challenges. It has drawn an influx of foreign investors attracted by the country's access to the European Single Market and its proximity to the aspiring economies of the EU. Austria's largest trading partner has historically been Germany, and its EU membership has helped to reduce its economic dependence on Germany.
Austria adopted the euro as its official currency in 1999, although euro coins and notes were not introduced until 2002. The euro is the official currency of 20 of the 27 member states of the EU, and is used by over 350 million people in Europe. The euro is also used by four European microstates that are not EU members, the British Overseas Territory of Akrotiri and Dhekelia, as well as unilaterally by Montenegro and Kosovo. Outside Europe, a number of special territories of EU members also use the euro as their currency. The euro is divided into 100 euro cents.
The euro was introduced at a fixed parity of €1 = 13.7603 schillings, which was the pre-euro currency of Austria. The Austrian schilling was a former currency of Austria from 1925 to 1938 and from 1945 to 1999, and the circulating currency until 2002. The schilling was abolished in 1938 when Germany annexed Austria, and the German Reichsmark replaced it. The schilling was reintroduced after World War II in 1945.
Money from the EU budget helps fund programmes and projects in all EU countries, such as building roads, subsidising researchers, and protecting the environment.
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Austria's trading partners
The official currency of Austria in the 1980s was the Austrian schilling, which was introduced in 1925 and abolished in 1938 following Germany's annexation of Austria. It was reintroduced after World War II in 1945 and was in use until 1999 when it was replaced by the Euro.
Now, onto Austria's trading partners.
Austria's economy is a highly developed social market economy, with the country being one of the fourteen richest in the world in terms of GDP (gross domestic product) per capita. The country's main trading partner has historically been Germany, which has made the Austrian economy vulnerable to rapid changes in the German economy. However, since Austria became a member state of the European Union, it has gained closer ties with other European Union economies, reducing its economic dependence on Germany.
Austria's membership in the EU has also drawn an influx of foreign investors, attracted by the country's access to the European Single Market and its proximity to aspiring EU economies. The EU member states in Eastern Europe and the Danube region, as well as the Central and Eastern European countries, are important trading partners for Austria. The country also has strong trade relations with the Western Balkans.
Among Austria's top trading partners in the export sector in 2023 were Germany, Italy, Belgium, Poland, France, Hungary, the Czech Republic, and Switzerland. The United States, the United Kingdom, and Romania were also among the countries that generated the greatest positive trade balances with Austria from 2022 to 2023.
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Frequently asked questions
The currency of Austria in the 1980s was the Austrian Schilling.
The Austrian Schilling was introduced in 1925, after the First Austrian Republic inherited an economy battered by the First World War.
The Austrian Schilling was worth 13.7603 to 1 Euro when it was replaced in 1999.
The Austrian Schilling was issued in denominations of 50, 1, 2, 5, 10, 20, 25, 50, 100, and 1000.
The Euro was introduced as the official currency in 1999, but physical Euro coins and notes were not introduced until 2002.
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