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About Austria
Economy


ECONOMY

Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany's. The Austrian economy also benefits greatly from strong commercial relations, especially in the banking and insurance sectors, with central, eastern, and southeastern Europe. The economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. 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 new EU economies. The outgoing government has successfully pursued a comprehensive economic reform program, aimed at streamlining government and creating a more competitive business environment, further strengthening Austria's attractiveness as an investment location. It has implemented effective pension reforms; however, lower taxes in 2005-06 led to a small budget deficit in 2006 and 2007. Boosted by strong exports, growth nevertheless reached 3.3% in both 2006 and 2007, although the economy may slow in 2008 because of the strong euro, high oil prices, and problems in international financial markets. To meet increased competition - especially from new EU members and Central European countries - Austria will need to continue restructuring, emphasizing knowledge-based sectors of the economy, and encouraging greater labor flexibility and greater labor participation by its aging population.
(Source: The CIA World Factbook)

GENERAL INFORMATION AND STATISTICS

INSTITUTIONS

  • American Chamber of Commerce in Austria - The basic objective of the American Chamber of Commerce in Austria is to further the development of economic relations between Austria and the United States of America.


  • The Austrian Federal Economic Chamber - The Austrian Economic Chamber coordinates and represents the interests of the Austrian business community on the national and international level. Membership is compulsory and comprises all Austrian companies. The Austrian Economic Chamber is financially self-sufficient and managed through democratic self-government, making it fully independent from government.

  • Federation of Austrian Industries - The Federation of Austrian Industry is an interest group organized on a voluntary membership basis. The organization represents about 2,000 Austrian companies comprising more than 150,000 employees.


  • Austrian Institute of Economic Research (WIFO) - An association with membership open to organizations and individuals, it analyzes national and international economic trends and supplies short- to medium-term economic forecasts.


  • Austrian National Bank


  • Vienna Stock Exchange


  • Austrian Business Agency - The Austrian Business Agency (ABA) is a government-operated consulting firm. Its corporate mission is: to provide comprehensive support to foreign investors, to establish business or planning equity investments in Austria.

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