Austria - Economy
How is the economy of Austria? Based on the information we have, Austria has a one of the strongest EU and euro economies; diversified trade portfolios and relations; enormous trade economy; Russian energy dependence, but investing in alternative energy; aging labor force but large refugee population; large government debt. Key agricultural products in this country include: milk, sugar beets, maize, wheat, barley, potatoes, pork, grapes, triticale, soybeans (2023).
More about the economy of Austria
Labor force 4.768 million (2024 est.)
Industrial production growth rate -5.5% (2024 est.)
Industries construction, machinery, vehicles and parts, food, metals, chemicals, lumber and paper, electronics, tourism
Population below poverty line 14.8% (2021 est.)
Taxes and other revenues 25.9% (of GDP) (2023 est.)
Fiscal year
Exchange rates
Currency euros (EUR) per US dollar -
Exchange rates 2024 0.924 (2024 est.)
Exchange rates 2023 0.925 (2023 est.)
Exchange rates 2022 0.95 (2022 est.)
Exchange rates 2021 0.845 (2021 est.)
Exchange rates 2020 0.876 (2020 est.)
Reserves of foreign exchange and gold
Reserves of foreign exchange and gold 2024 $35.406 billion (2024 est.)
Reserves of foreign exchange and gold 2023 $31.212 billion (2023 est.)
Reserves of foreign exchange and gold 2022 $33.078 billion (2022 est.)
Current account balance
Current account balance 2024 $12.642 billion (2024 est.)
Current account balance 2023 $6.783 billion (2023 est.)
Current account balance 2022 -$3.911 billion (2022 est.)
Public debt
Public debt 2023 78.3% of GDP (2023 est.)
Budget
Revenues $212.218 billion (2022 est.)
Expenditures $225.52 billion (2022 est.)
Budget surplus (+) or deficit (-)
Remittances
Remittances 2024 0.7% of GDP (2024 est.)
Remittances 2023 0.6% of GDP (2023 est.)
Remittances 2022 0.6% of GDP (2022 est.)
Household income
Lowest 10% 2.8% (2022 est.)
Highest 10% 24.6% (2022 est.)
Average household expenditures
On food 10.1% of household expenditures (2023 est.)
On alcohol and tobacco 3.5% of household expenditures (2023 est.)
Imports
Imports 2024 $284.467 billion (2024 est.)
Imports 2023 $293.692 billion (2023 est.)
Imports 2022 $294.324 billion (2022 est.)
Imports (partners) Germany 34%, China 7%, Italy 7%, Switzerland 5%, Czechia 4% (2023)
Comodities Imports force cars, garments, vaccines, vehicle parts/accessories, refined petroleum (2023)
Exports
Imports 2024 $284.467 billion (2024 est.)
Imports 2023 $293.692 billion (2023 est.)
Imports 2022 $294.324 billion (2022 est.)
Exports (partners) Germany 25%, USA 9%, Italy 7%, Switzerland 5%, Hungary 4% (2023)
Comodities Exports force cars, packaged medicine, vaccines, vehicle parts/accessories, nitrogen compounds (2023)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2024 $581.131 billion (2024 est.)
Real GDP (purchasing power parity) 2023 $588.031 billion (2023 est.)
Real GDP (purchasing power parity) 2022 $593.701 billion (2022 est.)
GDP (official exchange rate) $521.642 billion (2024 est.)
Real GDP Per capita
Real GDP per capita 2024 $63,300 (2024 est.)
Real GDP per capita 2023 $64,400 (2023 est.)
Real GDP per capita 2022 $65,700 (2022 est.)
GDP - composition, by sector of origin
Agriculture 1.2% (2024 est.)
Industry 23.1% (2024 est.)
Services 65.3% (2024 est.)
GDP - composition, by end use
Household consumption 52.2% (2023 est.)
Government consumption 20.5% (2023 est.)
Investment in fixed capital 24.9% (2023 est.)
Investment in inventories 0.5% (2023 est.)
Exports of goods and services 59.5% (2023 est.)
Imports of goods and services -57.3% (2023 est.)
Unemployment rate
Unemployment rate 2024 5.5% (2024 est.)
Unemployment rate 2023 5.3% (2023 est.)
Unemployment rate 2022 5% (2022 est.)
Youth unemployment rate (ages 15-24)
Total 11.7% (2024 est.)
Male 11.4% (2024 est.)
Female 12% (2024 est.)
All Important Facts about Austria

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Austria is found in Central Europe