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Once the center of power for the large Austro-Hungarian Empire, Austria was reduced to a small republic after its defeat in World War I. Following annexation by Nazi Germany in 1938 and subsequent occupation by the victorious Allies in 1945, Austria's status remained unclear for a decade. A State Treaty signed in 1955 ended the occupation, recognized Austria's independence, and forbade unification with Germany. A constitutional law that same year declared the country's "perpetual neutrality" as a condition for Soviet military withdrawal. The Soviet Union's collapse in 1991 and Austria's entry into the EU in 1995 have altered the meaning of this neutrality. A prosperous, democratic country, Austria entered the EU Economic and Monetary Union in 1999.


Central Europe, north of Italy and Slovenia

Natural Resources

oil, coal, lignite, timber, iron ore, copper, zinc, antimony, magnesite, tungsten, graphite, salt, hydropower

Population - distribution

the northern and eastern portions of the country are more densely populated; nearly two-thirds of the populace lives in urban areas

German (official nationwide) 88.6%, Turkish 2.3%, Serbian 2.2%, Croatian (official in Burgenland) 1.6%, other (includes Slovene, official in South Carinthia, and Hungarian, official in Burgenland) 5.3% (2001 est.)
VIENNA (capital) 1.753 million (2015)
Conventional long form
Republic of Austria
Conventional short form
Local long form
Republik Oesterreich
Local short form
federal parliamentary republic
Geographic coordinates
48 12 N, 16 22 E
Time difference
UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
Daylight saving time
+1hr, begins last Sunday in March; ends last Sunday in October
accepts compulsory ICJ jurisdiction; accepts ICCt jurisdiction
Austria, with its well-developed market economy, skilled labor force, and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a relatively sound industrial sector, and a small, but highly developed agricultural sector.
Total tax rate (% of commercial profits)
Real Interest Rate
Manufacturing, value added (% of GDP)
Current Account Balance
US$ 6,618,443,075
Labor Force, Total
Employment in Agriculture
Employment in Industry
Employment in Services
Unemployment Rate
Imports of goods and services
US$ 187,145,714,552
Exports of goods and services
US$ 201,863,936,874
Total Merchandise Trade
FDI, net inflows
US$ -27,730,058,909
Commercial Service Exports
US$ 59,494,257,247
grains, potatoes, wine, fruit; dairy products, cattle, pigs, poultry; lumber and other forestry products
construction, machinery, vehicles and parts, food, metals, chemicals, lumber, paper and paperboard, communications equipment, tourism
machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs
Germany 30.5%, US 6.6%, Italy 6.4%, Switzerland 5.5%, France 4.1% (2015)
machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products, natural gas; foodstuffs
Germany 37.2%, Italy 6.2%, China 5.9%, Switzerland 5.3%, Czech Republic 4.3% (2015)
Country Risk Rating
The political and economic situation is very good. A quality business environment has a positive influence on corporate payment behavior. Corporate default probability is very low on average.
Business Climate Rating
The business environment is very good. Corporate financial information is available and reliable. Debt collection is efficient. Institutional quality is very good. Intercompany transactions run smoothly in environments rated A1.
  • Central position in Europe and attractive quality of living
  • Industrial and tertiary diversification
  • Non-price competitiveness thanks to family-owned businesses and niche products
  • Comfortable current account surplus and low public deficit
  • Low debt levels of households and companies
  • High employment rate and low youth unemployment (role of apprenticeship and flexicurity)
  • 30% of energy used is from renewable resources
  • Tourism assets
  • Reliance on the German and central/eastern European economic situation
  • Banking sector very exposed to central, eastern, and south-western European countries
  • Lack of venture capital and insufficient research and development
  • Large number of levels of power and administration (federation, Länder, municipalities)
  • Low birth rate, population growth reliant on migration
  • Insufficient proportion of older people and women in the active population
  • Lack of competitiveness of public services and numerous regulated professions

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