AustriaEconomy—overview: Austria a member of the European Union since 1 January 1995 has a well-developed market economy with a high standard of living. With exports of goods and services reaching over 40% of GDP Austria's economy is closely integrated with other EU member countries especially with Germany. Austria's entry into the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market. Austria is well on its way to meeting all Maastricht convergence criteria for monetary union through privatization efforts the 1996-98 budget consolidation programs and austerity measures which were expected to bring total public sector deficit down to 3% of GDP in 1997 and public debt in line with the 60% of GDP required by the EU. Cuts mainly affect the civil service and Austria's generous social system the two major causes of the government deficit. To meet increased competition from both the EU and Central European countries Austria will need to emphasize knowledge-based sectors of the economy and deregulate the service sector particularly telecommunications and the energy sector. Economic prospects are expected to brighten in 1998 with GDP growth projected to be 2.5%. GDP: purchasing power parity—$174.1 billion (1997 est.) GDP—real growth rate: 2.1% (1997 est.) GDP—per capita: purchasing power parity—$21 400 (1997 est.) GDP—composition by sector: agriculture: 1.5% industry: 31.6% services: 66.9% (1996) Inflation rate—consumer price index: 1.3% (1997) Labor force: total: 3.646 million (1996) by occupation: services 66.1% industry and crafts 29.6% agriculture and forestry 1.3% (salaried employees 1996) note: an estimated 150 000 Austrians are employed abroad; foreign laborers in Austria number 298 000 (1996) Unemployment rate: 7.1% (January 1998) Budget: revenues: $53.6 billion expenditures: $61.6 billion including capital expenditures of $NA (1996 est.) Industries: food iron and steel machines textiles chemicals electrical paper and pulp tourism mining motor vehicles Industrial production growth rate: 1% (1996) Electricity—capacity: 15.65 million kW (1996) Electricity—production: 54.8 billion kWh (1996) Electricity—consumption per capita: 6 900 kWh (1996) Agriculture—products: grains potatoes sugar beets wine fruit dairy products; cattle pigs poultry; sawn wood Exports: total value: $57.8 billion (1996) commodities: machinery and equipment iron and steel lumber textiles paper products chemicals partners: EU 64.7% (Germany 37.7% Italy 8.5%) Eastern Europe 14.9% Japan 1.5% US 3.1% (1996) Imports: total value: $67.3 billion (1996) commodities: petroleum foodstuffs machinery and equipment vehicles chemicals textiles and clothing pharmaceuticals partners: EU 70.7% (Germany 42.8% Italy 8.7%) Eastern Europe 10% Japan 2.4% US 4.5% (1996) Debt—external: $29.4 billion (1996 est.) Economic aid: donor: ODA $480 million; assistance to central and eastern Europe $400 million (1996) Currency: 1 Austrian schilling (AS) = 100 groschen Exchange rates: Austrian schillings (AS) per US$1—12.776 (January 1998) 12.204 (1997) 10.587 (1996) 10.081 (1995) 11.422 (1994) 11.632 (1993) Fiscal year: calendar year
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