Austria - ECONOMY

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Gross National Product (GNP): US$174.8 billion in 1992 with 2 percent growth rate US$22,110 per capita with 2.4 percent growth rate.

Agriculture and Forestry: Agriculture and forestry accounted for 2.8 percent of gross domestic product (GDP) and 7.4 percent of labor force in 1991. Principal crops: grains, fruit, potatoes, sugar beets, sawn wood, cattle, pigs, and poultry. About 80 to 90 percent self-sufficient in food.

Industry: Major sector with 36.3 percent of GDP and 36.9 percent of employment in 1991.

Services: Services accounted for 60.9 percent of GDP and 55.8 percent of employment in 1991. Largest growth sector 10 percent growth in share of GDP and 14 percent growth in share of labor force since 1970.

Major Trading Partners: Most trade with European Union (EU). Germany largest single trading partner (in 1993 accounted for 38.9 percent of exports and 41.5 percent of imports), followed by Italy and Switzerland.

Imports: US$48.6 billion in 1993. Major imports: machinery and equipment, manufacturing products, chemical products, fuels and energy, and foodstuffs.

Exports: US$40.2 billion in 1993. Major exports: machinery and equipment, paper and paper products, transport equipment, metal manufactures, and textiles and clothing.

Balance of Payments: Current account deficit US$900 million in 1993. Persistent trade deficit. Per capita income from tourism strongest in world helps balance deficit.

General Economic Conditions: Stable economy with generally good rates of growth high living standards, comparable with other countries of Western Europe. In 1992 real GDP growth 1.6 percent, inflation 4.1 percent, and unemployment 5.9 percent in 1993 real GDP growth -0.3 percent, inflation 3.6 percent, and unemployment 6.8 percent.

Currency and Exchange Rate: Schilling. In March 1994, exchange rate US$1 = S12.1.

Data as of December 1993


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