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, apples (2022).
More about the economy of Austria
| Labor force | 4.825 million (2023 est.) |
|---|---|
| Industrial production growth rate | -1.99% (2023 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 | 26.24% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | euros (EUR) per US dollar - |
| 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.) |
| Exchange rates 2019 | 0.893 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $31.212 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $33.078 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $33.957 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $13.686 billion (2023 est.) |
| Current account balance 2022 | -$1.29 billion (2022 est.) |
| Current account balance 2021 | $7.77 billion (2021 est.) |
| Public debt | |
| Public debt 2022 | 75.05% of GDP (2022 est.) |
| Budget | |
| Revenues | $212.218 billion (2022 est.) |
| Expenditures | $225.52 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.64% of GDP (2023 est.) |
| Remittances 2022 | 0.64% of GDP (2022 est.) |
| Remittances 2021 | 0.67% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.8% (2021 est.) |
| Highest 10% | 23.8% (2021 est.) |
| Average household expenditures | |
| On food | 10.8% of household expenditures (2022 est.) |
| On alcohol and tobacco | 3.7% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $288.146 billion (2023 est.) |
| Imports 2022 | $290.277 billion (2022 est.) |
| Imports 2021 | $264.231 billion (2021 est.) |
| Imports (partners) | Germany 40%, Italy 7%, Czechia 5%, Switzerland 5%, Netherlands 4% (2022) |
| Comodities Imports force | cars, refined petroleum, gold, garments, broadcasting equipment (2022) |
| Exports | |
| Imports 2023 | $288.146 billion (2023 est.) |
| Imports 2022 | $290.277 billion (2022 est.) |
| Imports 2021 | $264.231 billion (2021 est.) |
| Exports (partners) | Germany 28%, US 7%, Italy 7%, Switzerland 5%, Hungary 5% (2022) |
| Comodities Exports force | cars, packaged medicine, vaccines, plastic products, electricity (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $590.354 billion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $595.287 billion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $567.987 billion (2021 est.) |
| GDP (official exchange rate) | $516.034 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $64,600 (2023 est.) |
| Real GDP per capita 2022 | $65,800 (2022 est.) |
| Real GDP per capita 2021 | $63,400 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 1.3% (2023 est.) |
| Industry | 26.3% (2023 est.) |
| Services | 62.3% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 51.8% (2023 est.) |
| Government consumption | 20.3% (2023 est.) |
| Investment in fixed capital | 24.4% (2023 est.) |
| Investment in inventories | 0.9% (2023 est.) |
| Exports of goods and services | 59.5% (2023 est.) |
| Imports of goods and services | -56.6% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 5.24% (2023 est.) |
| Unemployment rate 2022 | 4.99% (2022 est.) |
| Unemployment rate 2021 | 6.46% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 10.9% (2023 est.) |
| Male | 10.6% (2023 est.) |
| Female | 11.3% (2023 est.) |
All Important Facts about Austria
Want to know more about Austria? Check all different factbooks for Austria below.
