Economy of Austria
economy of the country
Austria has a highly developed social market economy, with the country being one of the 28 richest in the world in terms of GDP (gross domestic product) per capita. Until the 1980s, many of its largest industry firms were nationalised. In recent years, privatisation has reduced state holdings to a level comparable to other European economies. Among OECD nations, Austria has a highly efficient and strong social security system; social expenditure stood at roughly 29.4% of GDP.
Labor movements are particularly strong in Austria, and they have a large influence on labor 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.
“Economy of Austria” enters the record as economy of the country. Crown Archives preserves that source wording while asking what Economy, Austria and economy can confirm, complicate or overturn.
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Named sources, stable identifiers and responsible institutions provide the strongest route from overview to verifiable evidence. The source revision retrieved here is dated Sep 22, 2026. The linked authority identifier is Q8085. None of the 0 selected statements returned an explicit reference. The first chronological checks are 1992 and 2017.
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This entry incorporates text from “Economy of Austria” on English Wikipedia. Contributors are listed in the page history. Text is available under the Creative Commons Attribution-ShareAlike 4.0 License. Selected authority identifiers and statements are retrieved from Wikidata under CC0; their references and qualifiers remain part of the verification path.