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Home » Economy of the World » Austrian
 

Austrian Economy
An important member of the European Union (EU), Austria is a leading nation in the region. Austria provides for a very high standard of living for its people and is considered one of the richest countries within the EU with per capita income being estimated at € 27,666 in 2006-07. The Austrian economy is one of the strongest economies in the region with a consistent growth, high standard of living, low inflation and a well diversified economy.

Manufacturing and agriculture dominates the economic landscape of Austria. The manufacturing sector is quite diversified and accounts for a significant share of Austria economy. A good number of manufacturing companies are based in and around the Austrian capital Vienna while many others are based in places like Linz, Leoben, Salzburg, Steyr and Graz. The major manufacturing activities in the Austrian economy are iron and steel, communications equipment, chemicals, paper and wood products besides heavy and light machinery.

Austria being a very clean with environment friendly policies does have an impressive track record in terms of manufacturers being very methodical with their manufacturing processes and most of them confirm to the global environmental norms. Austria also boasts of substantial mineral resources. Graphite, iron, magnesium, zinc, copper and lignite are the major minerals found in Austria.



In terms of agriculture, about 35 of the Austrian population are engaged in agriculture and allied activities. Among the rural Austrian population, forestry, fishing, cattle raising and dairying are some of the popular professions. Fully self sufficient in terms of agricultural and food needs, potato, sugar, fruits, barley, rye, beets and oats are some of the major crops seen in the Austrian farmlands.

The service sector recently has got a huge boost in the Austrian economy. The process of globalization, coupled with the coming up of EU as a major trading block and the open trade policies of World Trade Organization (WTO) all have provided a big impetus to the service sector in the Austrian economy. Banking today has become the most important source of employment in Austria. More than half of the employed Austrian professionals today are engaged in the banking sector.

In terms of international trade, Austria today has become a leading force in the EU. The major trading partners of Austria today are Germany, Italy, Switzerland and the United States. Erste Bank, Andritz, Billa, KTM, Telekom Austria are some of the major Austrian companies with a worldwide presence.