Economy of Austria

The economy of Austria is a developed social market economy, with the country being one of the fourteen richest in the world in terms of GDP (gross domestic product) per capita. Until the 1980s, many of Austria's largest industry firms were nationalised. In recent years, privatisation has reduced state holdings to a level comparable to other European economies. Labour movements are particularly strong in Austria, and they have a large influence on labour politics. Next to a highly developed industry, international tourism is the most important part of the national economy. The economy of Austria's average GDP is 13th growth in OECD countries, from 1992 to 2017. In Austria, 1.37% over average population growth is the strong factor. Germany has historically been the main trading partner of Austria, making the Austrian economy 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. This development reduced its economic dependence on Germany. In addition, Austria's membership in the EU has drawn an influx of foreign investors. They were attracted by Austria's access to the European Single Market and the country's proximity to the aspiring economies of the European Union. Growth in GDP has accelerated in recent years, and reached 3.3% in 2006. In 2023 Austria has a very high, $56,802 nominal GDP per capita ranked 12th. Vienna was ranked the fifth richest NUTS-2 region within Europe (see Economy of the European Union), with its GDP reaching €38,632 per capita. It was trailing behind Inner London, Luxembourg, the Brussels-Capital Region and Hamburg. Growth had been steady between 2002 and 2006, varying between 1 and 3.3%. After hitting 0% in 2013, growth had picked up a little. As of 2016, growth was set at 1.5%. First Austrian Republic, founded as a result of the dissolution of Austria-Hungary, inherited an economy battered by the ravages of the First World War, namely: The abolition of the gold standard in 1914.