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Indicators of economy in Austria

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,230 USD per capita. GDP in Austria, on the other hand, reached USD 53,638 per capita, or 480.37 billion USD for the whole country. Austria is therefore currently ranked 29 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then Austria ranks 17th in the list of the richest countries.

Inflation in Austria in 2021 was around 2.77%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 4.1 percent lower.
The index for perceived corruption in the public sector is 74, which is above average by global standards.


Back to overview: Austria

Impact of the COVID-19 pandemic

Overall, the gross domestic product in Austria in 2020 decreased moderatly from 444.62 billion US dollars to 435.23 billion US dollars. Certainly, there have been shifts in some sectors of the economy, but a drop of 2.1 percent 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 14.9 percent. The inflation rate fell from 1.5 percent previously to 1.4 percent by the end of 2020.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

 Austria
Total
Austria
per capita
EU
Total
EU
per capita
GDP480.37 bn USD53,637.71 USD17.177 tn USD33,384.92 USD
Gross national product472.47 bn USD52,756.25 USD16.895 tn USD32,835.37 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. Out of the 2,000 largest listed companies in the world, 9 originate from Austria. This is determined annually in the Forbes Global 2000 list. The 9 largest companies in the country in 2022 were:

Rank 388: OMV Group (Vienna)
Rank 507: Erste Group Bank (Vienna)
Rank 797: Raiffeisen Bank International (Vienna)
Rank 1054: Verbund (Vienna )
Rank 1190: Voestalpine (Linz)
Rank 1269: Vienna Insurance Group (Vienna)
Rank 1657: Bawag Group (Vienna)
Rank 1682: Uniqa (Vienna)
Rank 1685: STRABAG (Vienna )

Development of gross domestic product in billions of USD 1960 - 2021


Household debt and deficits 2021


 Austria
Total
Austria
per capita
EU
Total
EU
per capita
Gross debt395.12 bn USD44,119.01 USD15.068 tn USD29,285.70 USD
Budget deficit28.23 bn USD3,152.29 USD799.24 bn USD1,553.35 USD


Imports and Exports 2021

 Austria
Total
Austria
per capita
EU
Total
EU
per capita
Imports268.08 bn USD29,934.06 USD8.916 tn USD17,329.02 USD
Exports269.30 bn USD30,069.58 USD9.554 tn USD18,569.19 USD


Development of imports and exports in billions of USD 2005 - 2021

Exports
Imports



Austria: AirportsLargest airports and airlines in AustriaThe 6 biggest airports and 3 airlines in Austria with further information and data with further information on airlines and destinations
Austria: Public HolidaysPublic holidays in Austria 2023-2027Statutory and inofficial holidays in Austria for 2023 to 2027
Pariah StatesList of the 11 current Pariah States11 countries, that suffer from the sanctions of the international community because of their mostly autocratic government.