Economy

Gross National Product (GNP): US$174.8 billion in 1992 with 2 percent growth rate; US$22,110 per capita with 2.4 percent growth rate.

Agriculture and Forestry: Agriculture and forestry accounted for 2.8 percent of gross domestic product (GDP) and 7.4 percent of labor force in 1991. Principal crops: grains, fruit, potatoes, sugar beets, sawn wood, cattle, pigs, and poultry. About 80 to 90 percent self-sufficient in food.

Industry: Major sector with 36.3 percent of GDP and 36.9 percent of employment in 1991.

Services: Services accounted for 60.9 percent of GDP and 55.8 percent of employment in 1991. Largest growth sector; 10 percent growth in share of GDP and 14 percent growth in share of labor force since 1970.

Major Trading Partners: Most trade with European Union (EU). Germany largest single trading partner (in 1993 accounted for 38.9 percent of exports and 41.5 percent of imports), followed by Italy and Switzerland.

Imports: US$48.6 billion in 1993. Major imports: machinery and equipment, manufacturing products, chemical products, fuels and energy, and foodstuffs.

Exports: US$40.2 billion in 1993. Major exports: machinery and equipment, paper and paper products, transport equipment, metal manufactures, and textiles and clothing.

Balance of Payments: Current account deficit US$900 million in 1993. Persistent trade deficit. Per capita income from tourism strongest in world; helps balance deficit.

General Economic Conditions: Stable economy with generally good rates of growth; high living standards, comparable with other countries of Western Europe. In 1992 real GDP growth 1.6 percent, inflation 4.1 percent, and unemployment 5.9 percent; in 1993 real GDP growth -0.3 percent, inflation 3.6 percent, and unemployment 6.8 percent.

Currency and Exchange Rate: Schilling. In March 1994, exchange rate US$1 = S12.1. From January 1999 on the Austrian Schilling has been connected to the Euro (1 Euro = 12.7603 S) which was finally introduced in January 2002.