The economy of Austria is a well-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 Austrian economy is deemed one of the most stable in Europe. The country relies on a very strong network of export-focused SMEs, excellent academic standards and significant spending for research and development.
The following tables and chart will tell the change details in last 5-10 years:
Austria Distribution of workforce from the last 5 years:
Austria Distribution of GDP across economic sectors:
Here attached the last 10 years chart of Austria GDP: (amount in billion USD):
3 Sectors of the Economy – Agriculture, Industry and Services:
Agriculture is an important part in the Austria’s economy. Austria almost self-sufficient in agriculture products. Most agriculture production is oriented toward local consumption.
Top 10 Agriculture Products in Austria are:
- Sugar Beet
Austria export just $168 million amount of agriculture products in 2019. 30% of agriculture export is covered by wine and the rest is the agriculture products.
Top Agriculture export destinations of Austria:
- Germany: $40 million (24% of total agriculture export)
- France: $28 million (16.6% of total agriculture export)
- USA: $9.93 million (5.88% of total agriculture export)
- Czech Republic: $9.47 million (5.6% of total agriculture export)
- Hungary: $7.64 million (4.52% of total agriculture export)
Agriculture Subsidy in Austria:
Austria gets 4% share of EU Common Agriculture Programme (CAP). This is very less proportion if we compare with France, Germany and Italy.
European Union Common Agriculture Policy:
The CAP is a common policy for all EU countries. It is managed and funded at European level from the resources of the EU’s budget. The CAP takes action with:
- Income support through direct payments ensures income stability, and remunerates farmers for environmentally friendly farming and delivering public goods not normally paid for by the markets, such as taking care of the countryside;
- Market measures to deal with difficult market situations such as a sudden drop in demand due to a health scare, or a fall in prices as a result of a temporary oversupply on the market;
- Rural development measures with national and regional programs to address the specific needs and challenges facing rural areas.
Industries plays an important part in the Austria’s economy. It accounts for 25.71% of the GDP and employed almost 25.04 % of the workforce.
Major industries in this sector:
Electronics: The electronics and electrics industries in Austria have led to an outstanding export ratio of over 69.7 percent. This sector deals in mechatronics, electrical engineering, car electronics, electronic supply industry, automotive suppliers, services and diverse industry, control engineering, electronics wholesales, and plant technicians among others. The electronic industry employs thousands of locals every year. Austria’s electronics sector is popular for its innovativeness, product diversity, research, and know-how.
Steel: Austria was the world’s seventeenth-largest steel exporter in 2019. In 2019, Austria exported 7.3 million metric tons of steel, a 6 percent decrease from 7.8 million metric tons in 2018. Austria’s exports represented about 2 percent of all steel exported globally in 2019. The volume of Austria’s 2019 steel exports was 1/7th the size of the world’s largest exporter, China, and about 1/4th that of the second-largest exporter, Japan. In value terms, steel represented just 4.8 percent of the total amount of goods Austria exported in 2019.
Service sector is an important part in the Austria’s economy. It contributes almost 62.55% in the GDP and employed almost 71% of the total Austria’s workforce.
Key Industries in this Sector:
Finance: Finance sector contributes almost two-third in the service sector of Austria. The Austrian banking system is a so-called universal banking system. For historical reasons, Austrian banks are organized into trade associations according to sectors. The sectorial structure is still in place although there are only few differences in the business models of individual banks nowadays. The sector of joint-stock banks, housing construction banks and specialized credit institutions as well as the sector of mortgage banks are single-tier. In Austria major big companies in managed by government.
Tourism: Tourism sector every year contributed almost 9% of the GDP. In 2019 almost 46 million tourists travelled in Austria which contributed almost EUR 25 billion in Austria’s GDP. It employs almost 10% of the total workforce in Austria. Austria is predominantly a nation of upland areas and high mountains, with the Eastern Alps occupying a good 60 percent of its territory.
Top Companies in Austria:
|Company Name||Sector||Forbes 2000 Rank|
|OMV Group||Oil and Gas||405|
|Raiffeisen Bank International||Banking||636|
|Vienna Insurance Group||Insurance||1192|
|Uniqa Insurance Group||Insurance||1607|