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Indicators of economy in Austria

The essential economic performance of a country is reflected by the gross domestic product. So the total of all goods and services sold. Worldwide gross domestic product in 2020 was at about 10.915 US Dollar per capita. In contrast, the GDP in Austria reached 48.587 US dollars per inhabitant, or 433.26 bn US Dollar in the whole country. Austria is therefore currently ranked 25 of the major economies. If this is calculated per inhabitant taking into account the purchasing power parity, then Austria is in the list of the world's richest countries in place 16.

Inflation in Austria was in 2020 at around 1.38%. Within the EU, the average in the same year was 0.50%. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 3.3% lower.
The Corruption Perceptions Index for the public sector counts 67 and is compared to other countries moderate.


Back to overview: Austria

Impact of the Covid-19 pandemic in 2020

Overall, the gross domestic product in Austria in 2020 decreased moderatly from 445.01 billion US Dollar to 433.26 billion US Dollar. Certainly, there have been shifts in some sectors of the economy, but a minus of 2.6% is still comparatively good this year. Numerous countries suffered more substantial losses. The tourism sector alone slumped by around 41 percent. The unemployment rate rose from 4.5 to 5.4 percent. The country's gross debt increased by 14.8%. The inflation rate has fallen from 1.5 percent previously to 1.4 percent by the end of 2020.

Unemployment rates in percent 1991 - 2021

Economic performance 2020

 Austria
Total
Austria
per capita
EU
Total
EU
per capita
GDP433.26 bn USD48,586.80 USD15,291.93 tn USD29,692.11 USD
Gross national product431.18 bn USD48,353.49 USD15,330.84 tn USD29,767.66 USD


Austria ranked 10th in the Bloomberg Innovation Index in 2021. The index is calculated annually and most recently included 60 countries. The front-runner was South Korea. 9 of the 2000 largest listed companies in the world originate from Austria. This is determined annually in the Forbes Global 2000 list. The 9 largest companies in the country were in 2021:

Rank 413: OMV Group (Vienna)
Rank 537: Erste Group Bank (Vienna)
Rank 768: Raiffeisen Bank International (Vienna)
Rank 1146: Verbund (Vienna)
Rank 1186: Vienna Insurance Group (Vienna)
Rank 1473: STRABAG (Vienna)
Rank 1659: Bawag Group (Vienna)
Rank 1688: Voestalpine (Linz)
Rank 1697: Uniqa (Vienna)

Development of the Gross domestic product in billion US Dollar 1960 - 2020


Household debt and deficits 2020


 Austria
Total
Austria
per capita
EU
Total
EU
per capita
Gross debt360.53 bn USD40,430.72 USD13,783.28 tn USD26,762.78 USD
Budget deficit36.01 bn USD4,037.88 USD1,053.73 bn USD2,046.02 USD


Im- and Exports 2020

 Austria
Total
Austria
per capita
EU
Total
EU
per capita
Imports210.57 bn USD23,613.66 USD7,340.01 bn USD14,251.98 USD
Exports222.94 bn USD25,001.66 USD7,939.04 bn USD15,415.11 USD


Development of imports and exports in billion US dollars 2005 - 2020

Exports
Imports



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