A city on a lake in Austria

Austria Economy

Austria's economy in numbers:

Nominal GDP of USD 470 billion in 2022.

GDP per capita of USD 52,086 compared to the global average of USD 10,589.

Average real GDP growth of 1.2% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 73% of overall GDP, manufacturing 17%, other industrial activity 9%, and agriculture 1%. Looking at GDP by expenditure, private consumption accounted for 50% of GDP in 2021, government consumption 21%, fixed investment 28%, and net exports 1%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 79% of total merchandise exports, mineral fuels 2%, food 8%, ores and metals 3% and agricultural raw materials 2%, with other categories accounting for 6% of the total. In the same period, manufactured products made up 75% of total merchandise imports, mineral fuels 5%, food 7%, ores and metals 4% and agricultural raw materials 2%, with other goods accounting for 7% of the total. Total exports were worth USD 205 billion in 2022, while total imports were USD 226 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 1.2% in the decade to 2022. To read more about GDP growth in Austria, go to our dedicated page.

Fiscal policy:

Austria's fiscal deficit averaged 2.4% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 5.7% in the decade to 2022. For more information on Austria's unemployment click here.

Inflation:

Inflation averaged 2.4% in the decade to 2022. Go to our Austria inflation page for extra insight.

Monetary Policy:

Euro Area monetary policy rate ended 2022 at 2.50%, up from 0.75% a decade earlier. See our Austria monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the euro weakened by 18.2% vs the U.S. dollar. For more info on the euro, click here.
The economy is forecast to have started 2024 on a stronger footing after stagnating in sequential terms in Q4 2023. Domestic demand will have been bolstered by lower price pressures on average in January–March and a declining unemployment rate in January–February. Moreover, consumer sentiment rose to a two-year high in the quarter, supporting an improvement in economic sentiment—although both remained in pessimistic terrain. In addition, the manufacturing PMI averaged above Q4’s level in Q1, but it remained in contractionary territory. Meanwhile, industrial output rebounded in seasonally adjusted month-on-month terms in January–February. On the external front, merchandise exports rose year on year in January, suggesting improved external demand. That said, quarter-on-quarter GDP growth was likely underwhelming, restrained by still-tight financing conditions.
Projections out to 2033.

50 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 21 expert analysts.

Want to get insight on the economic outlook for Austria in the coming years? FocusEconomics collects projections out to 2033 on 50 economic indicators for Austria from a panel of 21 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Austria economy. To download a sample report on the Austria's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Austria Economic Data

2018 2019 2020 2021 2022
Population (million) 8.9 8.9 8.9 8.9 9.0
GDP (EUR bn) 385 397 381 405 447
GDP per capita (EUR) 43,362 44,830 42,792 45,370 49,813
Economic Growth (Nominal GDP, ann. var. %) 4.3 3.1 -4.1 6.4 10.4
Economic Growth (GDP, ann. var. %) 2.4 1.5 -6.7 4.4 4.8
Domestic Demand (ann. var. %) 2.4 0.5 -5.8 6.6 2.7
Private Consumption (ann. var. %) 1.1 0.6 -8.5 4.0 5.8
Government Consumption (ann. var. %) 1.3 1.3 -0.4 7.7 0.1
Fixed Investment (ann. var. %) 4.2 4.8 -5.2 6.0 0.3
Exports (G&S, ann. var. %) 5.0 3.9 -11.2 9.4 11.7
Imports (G&S, ann. var. %) 5.2 2.2 -10.0 14.0 8.1
Industrial Production (ann. var. %) 5.2 1.5 -5.3 9.1 4.3
Wages (ann. var. %) 5.0 4.3 -0.1 4.8 7.9
Unemployment (% of active population, eop) 5.2 4.5 6.8 4.9 4.9
Unemployment (% of active population, aop) 5.2 4.8 6.1 6.2 4.7
Fiscal Balance (% of GDP) 0.2 0.6 -8.0 -5.8 -3.3
Public Debt (% of GDP) 74.1 70.6 82.9 82.5 78.4
Inflation (HICP, ann. var. %, eop) 1.7 1.8 1.0 3.8 10.5
Inflation (HICP, ann. var. %, aop) 2.1 1.5 1.4 2.8 8.6
ECB Refinancing Rate (%, eop) 0.00 0.00 0.00 0.00 2.50
ECB Overnight Deposit Rate (%, eop) -0.40 -0.50 -0.50 -0.50 2.00
3-Month EURIBOR (%, eop) -0.31 -0.38 -0.55 -0.57 2.13
10-Year Bond Yield (%, eop) 0.50 0.03 -0.43 0.09 3.20
Stock Market (var. of ATX %) -19.7 16.1 -12.8 38.9 -19.0
Exchange Rate (USD per EUR, eop) 1.14 1.12 1.22 1.14 1.07
Exchange Rate (USD per EUR, aop) 1.18 1.12 1.14 1.18 1.05
Current Account Balance (EUR bn) 3.5 9.5 13.1 6.7 -1.3
Current Account Balance (% of GDP) 0.9 2.4 3.4 1.6 -0.3
Merchandise Trade Balance (EUR bn) 1.2 4.4 4.5 0.0 -6.7
Foreign Direct Investment (EUR bn) 4.6 4.4 -8.2 11.4 1.9

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