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| Austria Fast Facts |
 |
| GDP (PPP) |
US$319.7 billion |
| GDP per capita (PPP) |
US$39,000 |
| GDP real growth rate |
3.3% |
| Inflation |
1.9% |
| Local currency |
Euro (EUR) |
| Exchange rate |
0.7345 EUR : 1 US$ |
| Capital city |
Vienna |
| Population |
8,205,533 (July 2008 est.) |
| Ethnic groups |
Austrians 91.1%, former Yugoslavs 4% (includes Croatians, Slovenes, Serbs, and Bosniaks), Turks 1.6%, German 0.9%, other or unspecified 2.4% (2001 census) |
| Language |
German (official nationwide), Slovene (official in Carinthia), Croatian (official in Burgenland), Hungarian (official in Burgenland) |
| Religion |
Roman Catholic 73.6%, Protestant 4.7%, Muslim 4.2%, other 3.5%, unspecified 2%, none 12% (2001 census) |
| Area size |
83,870 sq km |
| Top import sources |
Germany 45.5%, Italy 7%, Switzerland 4.5%, Netherlands 4.1% (2006) |
| Top export markets |
Germany 30.2%, Italy 9%, US 5.8%, Switzerland 4.7% (2006) |
| Unemployment rate |
4.3% | |
All figures as of 2007 unless stated.
Top 3 reasons for Doing Business in Austria
1. Austria has an attractive tax regime and unbeatable group taxation (domestic and international). Furthermore, Austria provides attractive tax incentives for research and development
2. Austria has a favourable location at the heart of Europe and is a proven springboard to Eastern Europe. The country also enjoys the most stable business climate in the region and offers an unrivalled standard of living.
3. Austrias legal framework is of the highest international standard.
Information provided by Alix Frank Rechtsanwaelte GmbH
Austria's 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: CIA World Factbook.
Legal and judicial system
It is a civil law system with Roman law origin.
Government
The chief of state is President Heinz FISCHER since 8 July 2004.
The head of government is Chancellor Alfred GUSENBAUER (SPOe) (since 11 January 2007); Vice Chancellor Wilhelm MOLTERER (OeVP) (since 11 January 2007)
Information obtained from The CIA World Factbook and Wikipedia, April 2008. |