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 | $231.132 billion (2023 est.) |
| Expenditures | $241.516 billion (2023 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
Want to know more about Austria? Check all different factbooks for Austria below.
