Austria Archives - Economy Watch

Austrian GDP Grows in 2015, but Continues to Struggle

Austria’s GDP rose 0.1 percent in the first quarter, and exports increased 0.8 percent when compared to the last quarter. Austria is one of Europe’s most downtrodden economies. Austria, once known as “the better Germany,” has seen its role reversed. Germany is now the most prosperous nation in Europe. What happened?

Austria – Fast Facts

Austria is a high income OECD country, as to the classification made by the World Bank on the basis of income and region for the year 2006.

The banking and transport sector has contributed a lot to the economic development of Austria. As to the statistics the services sector provides around 60 percent of the total Gross Domestic Product. Major agricultural products of the country are potatoes, grains, livestock and forest products.

Austria Economic Forecast

Austria has two primary things going for it – the country is well developed and the standard of living is high. In fact, Austria is listed as one of the 12 richest countries in the world specific to GDP per capita. This is due to close relationships with several of the European Union economies, as well as having an economy with significant services and industrial sectors. Additionally, the less developed but still viable sectors of agrarian, fisheries, agriculture, and farming have boosted the economy.