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  • Austrian Embassy - Washington, D.C.
  • Austrian Embassy - Washington, D.C.
  • Austrian Embassy - Washington, D.C.
  • Austrian Embassy - Washington, D.C.
  • Austrian Embassy - Washington, D.C.
  • Austrian Embassy - Washington, D.C.

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Federal States
Vorarlberg
Vorarlberg is the westernmost state (Land) of Austria. Though it is the second smallest in terms of area (Vienna is the smallest), it borders three countries: • Germany (Bavaria) • Switz...
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Tyrol
Tyrol, or Tirol, is a historical region in Western Central Europe, which includes the Austrian state of Tyrol (consisting of North Tyrol and East Tyrol) and the Italian region known as Trentino-Alto A...
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Styria
Styria (German: Steiermark; Slovenian: Štajerska) is a state or Land, located in the southeast of Austria. In area, it is the second largest of the nine Austrian states, covering 16,388 km²...
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Salzburg
Salzburg (Austro-Bavarian: Såizburg) is the fourth-largest city in Austria and the capital of the federal state of Salzburg. Salzburg's "Old Town" with its world famous baroque archite...
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Upper Austria
Upper Austria (German: Oberösterreich) is one of the nine states or Bundesländer of Austria. Its capital is Linz. Upper Austria borders on Germany and the Czech Republic, as well as on the o...
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Lower Austria
Lower Austria (German: Niederösterreich) is one of the nine states or Bundesländer in Austria. The capital of Lower Austria (since 1986) is Sankt Pölten — the most recent capital ...
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Carinthia
Carinthia (German: Kärnten) is the southernmost Austrian state or Land; it is chiefly famous for its mountains and lakes. It consists mostly of a basin inside the Alps, with the Carnian Alps an...
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Burgenland
Burgenland (Croatian Gradišće, Slovenian Gradiščansko, Hungarian Várvidék, Őrvidék or Felsőőrvidék) is the easternmost and least popu...
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Vienna
Vienna (German: Wien [viːn], see also other names) is the capital of Austria, and also one of the nine States of Austria. Vienna is Austria's primate city; with a population of about 1.7 million ...
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Economy Print E-mail
Article Index
Economy
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Since the beginning of 1995 Austria has been a member of the European Union. This step has accelerated the process of economic adjustment initiated when Austria joined the European Economic Area (EEA) in January 1994. Membership of the EU offers Austria the opportunity to enlarge the scope of its integration above and beyond purely economic matters. The challenges that face Austria in the future will be securing the greatest possible congruence of its economic policy with common EU policies, most notably in the fields of trade, agriculture, regional development, taxation and monetary policy.

Austria is in a strong position here, being one of the wealthiest and most stable of the EU member countries. Its economic system, a free market economy with a strong emphasis on social factors favouring the economically less privileged, will be retained in the EU, as will the successful system of Economic and Social Partnership, which has traditionally played an important conciliatory role in the country´s wages and price policy.
Having reached the required level of convergence Austria is one the 11 EU-countries that entered into phase 3 of the Economic- and Monetary Union (EMU) in the beginning of 1999. The introduction of the Euro banknotes and coins on 1.1.2002 was a milestone in the longtime process of economic convergence and integration. While this entails forgoing the possibility of an independent national monetary and exchange rate policy, at the same time it means that Austria has become a member of the world´s second-largest economic area.
Austria is a highly developed industrialised nation with an important service sector. The foremost industries are foodstuffs and luxury commodities, mechanical engineering and steel construction, chemicals and vehicle manufacturing. Within the vehicle sector, the production of engines and transmissions is the most important area, accounting for an export quota in excess of 90%. Austria manufactures some 800,000 engines per annum for many major car manufacturers. In the electronic engineering field, Austria has made a name for itself with the production of customised electronics products like microprocessors and integrated circuits (chips for airbags, ABS braking systems; components for Airbus airliners and for high-speed trains etc.)

 
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