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Since the opening of Eastern Europe in 1989 Austrian exports to this region grew at a significantly higher rate than exports overall. In 2003 Austria´s exports to Eastern European countries totalled 14.5 billion Euro, that is compared to only 2.5 billion Euro in 1988. About one third of all Austrian foreign investments are made in the Eastern European countries that are candidates for becoming EU members. In some of these countries up to a tenth of direct foreign investments stem from Austria.
In 2003 the mean unemployment rate in Austria stood at 7.0% (according to national calculation method; 4.3% according to EU-method). Again, the Austrian unemployment rate was remarkably low in international comparison.
Austria´s balance of payments shows a permanent deficit in the trade balance, while the services balance (tourism) is generally positive. Recently, Austrian export success lead to a noticable improvement which resulted in a roughly even balance of payments for 2002. In 2003 the balance of payments showed a deficit of 2 billion Euro or 0.9% of the gross domestic product and is therefore still in the "balanced" range of +/- 1% of GDP.
In the world political arena, Austria has established itself as an international place of encounter, as exemplified by the countless summit meetings and international conferences which it has hosted. In the same measure, Austria is assuming increasing importance in the transport sector as a key communications hub between the economic areas of Europe. A factor of growing importance is the European energy transit network (the transport of oil, natural gas and electricity) through Austria.
Apart from Austria´s accession to the EU, the ´nineties´ were, in essence, characterised by the upswing in foreign trade with Eastern European countries. The degree of economic integration in some sectors even exceeds the figures achieved during the Austro-Hungarian monarchy. In the last decade of the 20th century EU accession and the pressure of globalisation prompted Austria to take important steps towards stepping up its efficiency and modernising its economy. Determination to stay on this path will be of decisive importance.
At the beginning of the 21st century, Austria presents itself as a modern, confident EU Member State full of optimism for the future.
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