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 economy features up-to-date industrial and agricultural sectors. Timber is a key industry, 47% of the land area being forested. 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. Slow growth in Europe has held the economy to 0.7% growth in 2001, 1.4% in 2002, 0.8% in 2003, and 1.9% in 2004 and 2005. To meet increased competition from both EU and Central European countries, particularly the new EU members, Austria will need to emphasize knowledge-based sectors of the economy, continue to deregulate the service sector, and encourage much greater participation in the labor market by its aging population. The aging phenomenon, together with already high health and pension costs, poses fundamental problems in tax and welfare policies.
(Source: The CIA World Factbook)




 

LINKS AND INSTITUTIONS

* 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.
A. Business info - (How to do business in Austria)
B. Statistical Overviews - daily updated tables with main economic indicators of Austria provided by Statistics Austria (Statistik Austria)

* 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.