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Austria ECONOMY
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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