Ruqayyah Snyder
Austria has a highly developed social market economy, ranking 14th in the world in terms of GDP per capita and 29th in the world in terms of GDP. The country has a strong labour movement, with the Austrian Trade Union Federation (ÖGB) comprising about 1.5 million members, more than half of the country's wage and salary earners. Austria's economy features a large service sector, an advanced industrial sector, and a small but highly developed agricultural sector. The country's most specialised exports include packaged medicaments, vaccines, and motor vehicles, with Germany, the United States, Italy, Switzerland, and Hungary being its top export destinations.
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What You'll Learn
Austria is 31st in the world for total exports
Austria is a highly developed social market economy, ranking 14th in the world for GDP per capita and 29th for total GDP. In 2023, Austria was the 31st largest exporter in the world, with a total export value of $204 billion. The country's top exports include cars, packaged medicaments, vaccines, motor vehicle parts and accessories, and nitrogen heterocyclic compounds. Germany, the United States, Italy, Switzerland, and Hungary are Austria's primary export destinations.
Austria's economy is characterized by a strong service sector, an advanced industrial sector, and a small but highly developed agricultural sector. The financial sector has witnessed significant M&A activity, with companies seeking to strengthen their market positions, expand their product portfolios, and enhance their capabilities. The industrials sector, including manufacturing, engineering, construction, and transportation, also plays a prominent role in the country's economy.
Austria has a well-educated and productive labor force of 4.3 million, with a strong labor movement and influential labor unions. The country's labor market is well-balanced, but there is a shortage of skilled IT personnel, particularly in the banking and financial sectors. Social insurance is compulsory in Austria, and the government closely regulates terms of employment, including working hours, minimum vacation time, maternity leave, and other benefits.
Austria's healthcare system was developed by social democrats in Vienna, and the country has a highly efficient and robust social security system. Social expenditure accounts for approximately 29.4% of GDP. International tourism is also an important contributor to the Austrian economy.
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Austria is 8th in the world for economic complexity
Austria has a highly developed social market economy, ranking as the 14th richest country in the world in terms of GDP per capita. In 2023, Austria was the 29th largest economy in the world in terms of GDP, the 31st largest exporter, and the 29th largest importer. However, Austria's economy is facing challenges due to the COVID-19 crisis, which caused a decrease in GDP and an increase in unemployment. Despite these challenges, Austria's economy rebounded with 4.5% GDP growth in 2021, and the country has a well-balanced labor market with a highly educated and productive workforce.
Austria's economy is characterised by a large service sector, an advanced industrial sector, and a small but highly developed agricultural sector. The country has a strong labour movement, with the Austrian Trade Union Federation (ÖGB) comprising various constituent unions and representing about half of the country's wage and salary earners. The financial sector is also a prominent player in the Austrian economy, with significant M&A activity aimed at strengthening market positions and expanding product portfolios.
Austria's economic complexity has increased over the years, moving from the 9th to the 8th position in the Economic Complexity Index (ECI) rank. This improvement in economic complexity reflects the country's diverse and sophisticated range of exports, which include cars, packaged medicaments, vaccines, motor vehicles, and nitrogen heterocyclic compounds. Austria's top export destinations include Germany, the United States, Italy, Switzerland, and Hungary.
Austria's economic success is closely tied to its trade relationships with other countries. Trade with other EU countries accounts for about 66% of Austrian imports and exports, while trade with central and eastern European countries contributes to almost 14% of its import and export activities. The United States is one of Austria's top two-way trading partners, ranking fifth in overall trade according to provisional data from 2021.
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$44.49 $74
Austria is 5th in the EU for GDP per capita
Austria is ranked 5th in the European Union in terms of GDP per capita, with €46,200, well above the EU average of €37,600. It accounts for 2.8% of the EU's total GDP. 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 per capita. The country has a strong labour movement, with the Austrian Trade Union Federation (ÖGB) having a total membership of about 1.5 million, more than half of the country's wage and salary earners.
Austria's economy is characterised by a well-developed industry, banking, transportation, services, and commercial facilities. The service sector is the most important for the country, generating the vast majority of Austria's GDP. In 2022, the sector with the highest number of registered companies in Austria was services, with 97,733 companies, followed by finance, insurance, and real estate, and retail trade. Vienna, the capital city, has also grown into a finance and consulting hub, establishing itself as the "door to the East". Viennese law firms and banks are among the leading corporations in business with the new EU member states.
Tourism is also very important to Austria's economy, accounting for around 10% of its GDP. In 2001, Austria was the tenth most visited country in the world, with over 18.2 million tourists. In recent years, there has been a shift in the demographics of tourists, with an increasing number of Eastern Europeans, Russians, and Americans visiting the country's ski resorts.
Austria's agricultural sector has been undergoing substantial reform since the country joined the EU in 1995, under the Common Agricultural Policy (CAP). Although Austrian farmers provide about 80% of domestic food requirements, the agricultural contribution to GDP has declined since 1950 to less than 3%. The financial sector has also been a prominent player in the country's economy in terms of transaction value, with significant M&A activity.
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Austria is 14th in the world for GDP per capita
Austria is ranked 14th in the world for GDP per capita, making it one of the 14 richest countries in terms of GDP per capita. Austria's strong economy is a highly developed social market economy, with a well-developed industry, banking, transportation, services, and commercial facilities. The country has a strong labour movement, with the Austrian Trade Union Federation (ÖGB) having a total membership of about 1.5 million, representing more than half of the country's wage and salary earners.
Austria's economy has a large service sector, with 97,733 companies in the services industry in 2022, making it the sector with the highest number of registered companies in the country. The country also has a highly efficient and robust social security system, with social expenditure accounting for roughly 29.4% of GDP. The agricultural sector is small but highly developed, and international tourism is a crucial part of the national economy.
Austria's exports are diverse, with cars, packaged medicaments, vaccines, motor vehicles, and nitrogen heterocyclic compounds among its top exports. In 2023, Austria was the 31st largest exporter in the world, with a total export value of $204 billion. The country's top export destinations include Germany, the United States, Italy, Switzerland, and Hungary. Austria's economy has become relatively more complex, moving from 9th to 8th position in the Economic Complexity Index (ECI) rank.
The financial sector is prominent in terms of transaction value, with significant M&A activity as companies seek to strengthen their market positions and expand their portfolios. The industrials sector, including manufacturing, engineering, and construction, leads in the number of transactions, accounting for approximately 19.2% of M&A deals in Austria. The country has a national stock exchange with 64 companies on its regulated market, and its stock market is represented by the Austrian Traded Index (ATX).
Austria's labour market is well-balanced, with a well-educated and productive labour force of 4.3 million. However, like many of its neighbours, Austria faces a shortage of skilled IT personnel, particularly in the banking and financial sectors. The COVID-19 crisis impacted Austria's economy, causing a GDP decrease of 6.7% in 2020 and an increase in unemployment. However, the economy rebounded with 4.5% GDP growth in 2021, and unemployment returned to near pre-crisis levels.
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Austria's economy is a highly developed social market economy
Austria's industrial and commercial sectors are characterised by a high proportion of medium-sized companies, which make up 99.6% of all companies in the country. The country's industry covers every branch of manufacturing, from basic goods to the labour-intensive production of highly processed products. The construction of plants and systems is an increasingly important and export-oriented share of the economy, as is the electronics sector.
Austria is also world-renowned for its arts and crafts, including fine hand-crafted items, customised jewellery, ceramics, and glassware. International tourism is a vital part of the economy, with the country's mountainous landscape and large natural land reserves attracting visitors. The service sector, including sales, hotel and restaurant services, health, and education, is the largest contributor to the economy, constituting approximately 70% of the gross value added (GVA) as of 2020.
Austria has a highly efficient social security system, with social expenditure accounting for about 29.4% of GDP. The country's economic growth has been steady in recent years, with a projected rebound in 2025 after a period of recession. Trade with other EU countries accounts for a significant portion of Austrian imports and exports, and the country has benefited from increased ties with other European economies since becoming a member of the EU.
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Frequently asked questions
In 2023, Austria was the 29th largest economy in the world in terms of GDP.
In 2023, Austria was the 31st largest exporter in the world.
In 2023, Austria was the 29th largest importer in the world.
In 2023, Austria was the 18th largest economy in the world in terms of GDP per capita.
