Austria economy
Austria is one of the 12 richest countries in the world in terms of GDP (Gross domestic product) per capita,[7] has a well-developed social market economy, and a high standard of living. Until the 1980s, many of Austria 's largest industry firms were nationalised; in recent years, however, privatisation has reduced state holdings to a level comparable to other European economies. Labour movements are particularly strong in Austria and have large influence on labour politics. Next to a highly developed industry, international tourism is the most important part of the national economy.
Germany has historically been the main trading partner of Austria, making it vulnerable to rapid changes in the German economy. However, since Austria became a member state of the European Union it has gained closer ties to other European Union economies, reducing its economic dependence on Germany. In addition, membership in the EU has drawn an influx of foreign investors attracted by Austria 's access to the single European market and proximity to the aspiring economies of the European Union. Growth in GDP accelerated in recent years and reached 3.3% in 2006.[8]
In 2004 Austria was the fourth richest country within the European Union, having a GDP (PPP) per capita of approximately € 27,666, with Luxembourg, Ireland, and Netherlands leading the list.[9]
Vienna was ranked the fifth richest NUTS-2 region within Europe (see Economy of Europe) with GDP reaching € 38,632 per capita, just behind Inner London, Luxembourg, Brussels-Capital Region and Hamburg.[9]
Growth has been steady in recent years 2002–2006 varying between 1 and 3.3%.[10]
Contents [hide]
1 History
2 Currency
3 Privatisation, state participation and labour movements
4 Agriculture, industry and services
5 Health care services
6 Trade position
7 See also
8 References
9 External links
History[edit]
[icon] This section requires expansion. (December 2010)
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This section does not cite any
Germany has historically been the main trading partner of Austria, making it vulnerable to rapid changes in the German economy. However, since Austria became a member state of the European Union it has gained closer ties to other European Union economies, reducing its economic dependence on Germany. In addition, membership in the EU has drawn an influx of foreign investors attracted by Austria 's access to the single European market and proximity to the aspiring economies of the European Union. Growth in GDP accelerated in recent years and reached 3.3% in 2006.[8]
In 2004 Austria was the fourth richest country within the European Union, having a GDP (PPP) per capita of approximately € 27,666, with Luxembourg, Ireland, and Netherlands leading the list.[9]
Vienna was ranked the fifth richest NUTS-2 region within Europe (see Economy of Europe) with GDP reaching € 38,632 per capita, just behind Inner London, Luxembourg, Brussels-Capital Region and Hamburg.[9]
Growth has been steady in recent years 2002–2006 varying between 1 and 3.3%.[10]
Contents [hide]
1 History
2 Currency
3 Privatisation, state participation and labour movements
4 Agriculture, industry and services
5 Health care services
6 Trade position
7 See also
8 References
9 External links
History[edit]
[icon] This section requires expansion. (December 2010)
Question book-new.svg
This section does not cite any
References: [icon] This section requires expansion. (December 2010) Question book-new.svg This section does not cite any references or sources. Please help improve this section by adding citations to reliable sources. Unsourced material may be challenged and removed. (September 2009) Main article: Austrian euro coins