Austria has a strong economy with machinery, metallurgical products and textiles being of particular importance. The country’s most important industry, however, is tourism. The services sector forms some two thirds of the Gross Domestic Product of 455.3 billion dollars. Trade and industry make up about a third of the GDP, agriculture contributes some 2%. Currency: EURO GDP Per Capita :50, 654.7 USD (2019) GDP Growth Rate: 1.6% annual change (2019) Gross Domestic Product: 449,665.43 million GNI Per Capita: 56,720 PPP dollars (2018)
Export is regarded as vital to Austrian economy. Main export commodities are machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel; textiles, foodstuff. Austria’s top-ten export commodities make up two-third of the entire export volume. Most exports go to other EC countries (mainly Germany), and about 15% go overseas. Exports: The top exports of Austria are Cars ($7.95B), Packaged Medicaments ($5.98B), Vehicle, Parts ($5.53B), Blood, antisera, vaccines, toxins and cultures ($3.92B), and Flavored Water($2.68B). Imports: The top imports of Austria are Cars ($9.79B), Vehicle Parts ($5.36B), Refined Petroleum, $4.41B), Crude Petroleum($4.02B), and Packaged Medicaments $3.55B).
Finances with EU
Breakdown of Austria’s finances with the EU: – Total EU spending in Austria: 1.953 billion – Total EU spending as % of Austrian gross national income (GNI): 0.51% – Total Austrian contribution to the EU budget: 3.277 billion – Austrian contribution to the EU budget as % of its GNI: 0.85%