Economy of Austria
Austria is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Austria is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Austria exports around $165.6 billion and imports roughly $167.9 billion. 5.5% of population in the country are unemployed. The total number of unemployed people in Austria is 481,350. In Austria, 4% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Austria is low, indicating that it has a stable economy. Investors should consider Austria to be a safe location for investments and other financial ventures. Government expenditure on education is 5.4% of GDP. The Gini Index of the country is 26.3. Austria is experiencing high equality. Differences in income among citizens are only mildly significant. Austria has a Human Development Index (HDI) of 0.881. Austria has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The Global Peace Index (GPI) for Austria is 1.198. Due to strong law enforcement presence and high social responsibility, Austria is very safe by international standards. The strength of legal rights index for Austria is 5. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.
The currency of Austria is euro. There are several plural forms of the name 'euro'. These are euro, euros. The symbol used for this currency is €, and it is abbreviated as EUR. The euro is divided into Cent; there are 100 in one euro.
The depth of credit information index for Austria is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Austria has a credit rating score of AA+, and the prospects of this rating are negative. According to the Fitch credit-rating agency, Austria has a credit rating score of AA+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Austria has a credit rating score of Aaa, and the prospects of this rating are stable.
The prime lending rate of Austria's commercial banks is 2.1. In Austria, the institution that manages the state's currency, money supply, and interest rates is called Austrian National Bank. Locally, the central bank of Austria is called Oesterreichische Nationalbank. The average deposit interest rate offered by local banks in Austria is 2.2%.
Austria has a government debt of 57.4% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in Austria is set at 25%. Personal income tax ranges from 0% to 50%, depending on your specific situation and income level. VAT in Austria is 20%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Austria is $402.42 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Austria was last recorded at $0 million. PPP in Austria is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Austria is 381 billion. Based on this statistic, Austria is considered to have a small economy. Countries with small economies generally support less industries and opportunities for investment. However, worthwhile investment opportunities may be found. The Gross Domestic Product (GDP) per capita in Austria was last recorded at $0 million. The average citizen in Austria has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Austria averaged 1% in 2014. According to this percentage, Austria is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Austria.
Major industries in the country are construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood, paper and paperboard, communications equipment, tourism. The total labor force of Austria is 4,537,650 people, wherein 5.5% of population in the country are unemployed. The total number of unemployed people in Austria is 481,350. The Industrial Production growth rate of Austria is 7%.To read more about industrial information within Austria click on industry of Austria.
There are 13677 km2 of arable land in Austria, and it comprises 16% of the country's total territory. There are 14378 km2 of cultivated land in Austria. The country's major agricultural crops and products are grains, potatoes, wine, fruit, dairy products, cattle, pigs, poultry, lumber.To read more about agriculture click on agriculture of Austria.