Austria overview can be characterized as a mixture of three basic instances of Austria Economy namely capitalism, socialism, and communism. This country maintains a high living standard, having a GDP(Gross Domestic Product)per capita of approx.
33,000 USD(United States Dollar). For the last couple of years the economic growth of Austria is going steady and maintaining a stable position within European Union.
Present scenario of Austria Economy
The government of Austria is trying private investment participation and as a part of the program, some privatization works is going on in some specialized areas like firms, utilities and services. Privatization programs will definitely enhance and strengthen the economic structure of Austria, specifically in the transportation, banking, and commercial sectors.
One crucial factor responsible behind the economical growth of Republic of Austria is labour. Austria Trade Union constitutes a reasonable number of labour participation and as a part of Austrian economic growth, it is cooperating with other economic sectors like agriculture and industry. This can be assumed as one of the prime reasons of growth of Austria Economy.
One of the other prime factors responsible for the economic growth of Austria is the agriculture and related services. Geographically, Austria is not a best place of agricultural production, as it has lots of mountains, nevertheless as a part of Common Agricultural Policy, Austrian agriculture sector is trying to regenerate itself. The farmers are also trying very hard to improve domestic production.
The Austrian industry is basically stand upon iron and steel works,oil industries chemicals factories.
|Year||GDP % Change||Inflation % Change||Year||GDP % Change||Inflation % Change|
Source: World Bank
|Last Updated on : 05th March 2015||Next Update : February 2016|