Economy Austria

modern vienna, vienna international centre united nations office @ vienna , dc tower 1.

austria 12th richest country in world in terms of gdp (gross domestic product) per capita, has well-developed social market economy, , high standard of living. until 1980s, many of austria s largest industry firms nationalised; in recent years, however, privatisation has reduced state holdings level comparable other european economies. labour movements particularly strong in austria , have large influence on labour politics. next highly developed industry, international tourism important part of national economy.

germany has historically been main trading partner of austria, making vulnerable rapid changes in german economy. since austria became member state of european union, has gained closer ties other eu economies, reducing economic dependence on germany. in addition, membership of eu has drawn influx of foreign investors attracted austria s access single european market , proximity aspiring economies of european union. growth in gdp reached 3.3% in 2006. @ least 67% of austria s imports come other european union member states.

austria part of monetary union, eurozone (dark blue), , of eu single market.

austria indicated on 16 november 2010 withhold december installment of contribution eu bailout of greece, citing material worsening of greek debt situation , apparent inability of greece collect level of tax receipts had promised.

the financial crisis of 2007–2008 dented economy of austria in other ways well. caused, example, hypo alpe-adria-bank international purchased in december 2009 government 1 euro owing credit difficulties, wiping out euro 1.63bn of bayernlb. of february 2014, hgaa situation unresolved, causing chancellor werner faymann warn failure comparable 1931 creditanstalt event.

since fall of communism, austrian companies have been quite active players , consolidators in eastern europe. between 1995 , 2010, 4,868 mergers , acquisitions total known value of 163 bil. eur involvement of austrian firms have been announced. largest transactions involvement of austrian companies have been: acquisition of bank austria bayerische hypo- und vereinsbank 7.8 billion eur in 2000, acquisition of porsche holding salzburg volkswagen group 3.6 billion eur in 2009, , acquisition of banca comercială română erste group 3.7 bil. eur in 2005.

tourism accounts 9% of austrian gross domestic product. in 2007, austria ranked 9th worldwide in international tourism receipts, 18.9 billion us$. in international tourist arrivals, austria ranked 12th 20.8 million tourists.

infrastructure

in 1972, country began construction of nuclear-powered electricity-generation station @ zwentendorf on river danube, following unanimous vote in parliament. however, in 1978, referendum voted approximately 50.5% against nuclear power, 49.5% for, , parliament subsequently unanimously passed law forbidding use of nuclear power generate electricity although nuclear power plant finished.

austria produces more half of electricity hydropower. other renewable energy sources such wind, solar , biomass powerplants, electricity supply renewable energy amounts 62.89% of total use in austria, rest being produced gas , oil power plants.