Economy of Austria

Austria is one of the 14 richest countries in the world in terms of GDP (Gross domestic product) per capita,[8] has a well-developed social market economy, and a high standard of living. Until the 1980s, many of Austria's largest industry firms were nationalised; in recent years, however, privatisation has reduced state holdings to a level comparable to other European economies. Labour movements are particularly strong in Austria and have large influence on labour politics. Next to a highly developed industry, international tourism is the most important part of the national economy.

Germany has historically been the main trading partner of Austria, making it vulnerable to rapid changes in the German economy. However, since Austria became a member state of the European Union it has gained closer ties to other European Union economies, reducing its economic dependence on Germany. In addition, membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the aspiring economies of the European Union. Growth in GDP accelerated in recent years and reached 3.3% in 2006.[9]

In 2004 Austria was the fourth richest country within the European Union, having a GDP (PPP) per capita of approximately €27,666, with Luxembourg, Ireland, and Netherlands leading the list.[10]

Vienna was ranked the fifth richest NUTS-2 region within Europe (see Economy of Europe) with GDP reaching €38,632 per capita, just behind Inner London, Luxembourg, Brussels-Capital Region and Hamburg.[10]

Growth has been steady between 2002–2006 varying between 1 and 3.3%.[11] After hitting 0% in 2013, growth has picked up a little and as of 2016 sits at 1.5%.[12]

Economy of Austria
Vienna DC
CurrencyEuro
Calendar year
Trade organisations
WTO, OECD and EU
Statistics
GDPIncrease $459.401 billion (nominal, 2018 est.)[1]
Increase $463.993 billion (PPP, 2018 est.)[1]
GDP rank26th (nominal, 2018)
43rd (PPP, 2018)
GDP growth
1.4% (2016) 3.0% (2017)
2.8% (2018f) 2.1% (2019f)[1]
GDP per capita
Increase $51,707 (nominal, 2018 est.)[1]
Increase $52,224 (PPP, 2018 est.)[1]
GDP per capita rank
14th (nominal, 2017)
20th (PPP, 2017)
GDP by sector
agriculture: 1.3%
industry: 28.4%
services: 70.3% (2017 est.)[2]
2.0% (2019f)[1]
1.9% (2018f)[1]
2.2% (2017)[1]
Population below poverty line
3% (2017 est.)[2]
Negative increase 27.9 low (2017, Eurostat)[3]
Labour force
4.26 million (2017 est.)[2]
Labour force by occupation
agriculture: 0.7%
industry: 25.2%
services: 74.1% (2017 est.)[2]
UnemploymentPositive decrease 4.9% (2018, Eurostat)[4]
Average gross salary
€3,997/$5,395, monthly (2006)[5]
€2,043/$2,758, monthly (2006)[5]
Main industries
construction, machinery, vehicles and parts, food, metals, chemicals, lumber and paper, electronics, tourism
Decrease 26th (2019)[6]
External
ExportsIncrease $156.7 billion (2017 est.)[2]
Export goods
machinery and equipment, motor vehicles and parts, manufactured goods, chemicals, iron and steel, foodstuffs
Main export partners
 Germany 29.4%
 United States 6.3%
 Italy 6.2%
  Switzerland 5.1%
 France 4.8%
 Slovakia 4.8% (2017)[2]
ImportsIncrease $158.1 billion (2017 est.)[2]
Import goods
machinery and equipment, motor vehicles, chemicals, metal goods, oil and oil products, natural gas; foodstuffs
Main import partners
 Germany 41.8%
 Italy 5.8%
  Switzerland 5.5%
 Czech Republic 4.4%
 Netherlands 4.2% (2017)[2]
FDI stock
Increase $294.1 billion (31 December 2017 est.)[2]
Increase Abroad: $339.7 billion (31 December 2017 est.)[2]
Decrease $7.859 billion (2017 est.)[2]
Positive decrease $630.8 billion (31 December 2017)[2]
Public finances
Positive decrease 78.6% of GDP (2017 est.)[2][note 1]
-0.7% (of GDP) (2017 est.)[2]
Revenues201.7 billion (2017 est.)[2]
Expenses204.6 billion (2017 est.)[2]
Scope:[7]
AAA
Outlook: Stable
Foreign reserves
Decrease $21.57 billion (31 December 2017 est.)[2]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.

History

Ever since the end of the World War II, Austria has achieved sustained economic growth. In the soaring 1950s, the rebuilding efforts for Austria lead to an average annual growth rate of more than 5% in real terms and averaged about four point five percent through most of the 1960s. Following moderate real GDP growth of 1.7%, 2% and 1.2%, respectively, in 1995, 1996, and 1997, the economy rebounded and with real GDP expansion of 2.9 percent in 1998 and 2.2% in 1999.

Austria became a member of the EU on 1 January 1995.[13] Membership brought economic benefits and challenges and has drawn an influx of foreign investors attracted by Austria's access to the single European market. Austria also has made progress in generally increasing its international competitiveness. As a member of the economic and monetary union of the European Union (EMU), Austria's economy is closely integrated with other EU member countries, especially with Germany. On 1 January 1999, Austria introduced the new Euro currency for accounting purposes. In January 2002, Euro notes and coins were introduced, replacing those of the Austrian schilling.

Currency

Euro banknotes 2002
In 1999, Austria introduced the single European currency, the euro. With 18 other EU member states it forms the Eurozone.

In Austria, Euros appear as 1999, however all Austrian euro coins introduced in 2002 have this year on it; unlike other countries of the Eurozone where mint year is minted in the coin. Eight different designs, one per face value, were selected for the Austrian coins. In 2007, in order to adopt the new common map like the rest of the Eurozone countries, Austria changed the common side of its coins.

Before adopting the Euro in 2002 Austria had maintained use of the Austrian schilling which was first established in December 1924. The Schilling was abolished in the wake of the Anschluss in 1938 and has been reintroduced after the end of the World War II in November 1945.

Austria has one of the richest collection of collectors' coins in the Eurozone, with face value ranging from 10 to 100 euro (although a 100,000 euro coin was exceptionally minted in 2004). These coins are a legacy of an old national practice of minting of silver and gold coins. Unlike normal issues, these coins are not legal tender in all the eurozone. For instance, a €5 Austrian commemorative coin cannot be used in any other country.

Privatisation, state participation and labour movements

Many of the country's largest firms were nationalised in the early post-war period to protect them from Soviet takeover as war reparations. For many years, the government and its state-owned industries conglomerate played a very important role in the Austrian economy. However, starting in the early 1990s, the group was broken apart, state-owned firms started to operate largely as private businesses, and a great number of these firms were wholly or partially privatised. Although the government's privatisation work in past years has been very successful, it still operates some firms, state monopolies, utilities, and services. The new government has presented an ambitious privatisation programme, which, if implemented, will considerably reduce government participation in the economy. Austria enjoys well-developed industry, banking, transportation, services, and commercial facilities.

Austria has a strong labour movement. The Austrian Trade Union Federation (ÖGB) comprises constituent unions with a total membership of about 1.5 million—more than half the country's wage and salary earners. Since 1945, the ÖGB has pursued a moderate, consensus-oriented wage policy, cooperating with industry, agriculture, and the government on a broad range of social and economic issues in what is known as Austria's "social partnership". The ÖGB has often opposed the Schüssel government's programme for budget consolidation, social reform, and improving the business climate, and indications are rising that Austria's peaceful social climate could become more confrontational.

Agriculture, industry and services

Schneeberg - cows-cropped
Cows near top of mountain Schneeberg

Austrian farms, like those of other west European mountainous countries, are small and fragmented, and production is relatively expensive. Since Austria's becoming a member of the EU in 1995, the Austrian agricultural sector has been undergoing substantial reform under the EU's Common Agricultural Policy (CAP). Although Austrian farmers provide about 80% of domestic food requirements, the agricultural contribution to gross domestic product (GDP) has declined since 1950 to less than 3%.

Although some industries are global competitors, such as several iron and steel works, chemical plants and oil corporations that are large industrial enterprises employing thousands of people, most industrial and commercial enterprises in Austria are relatively small on an international scale.

Kitzbühel by night
Kitzbühel, one of Austria's famous winter tourist cities

Most important for Austria is the service sector generating the vast majority of Austria's GDP. Vienna has grown into a finance and consulting metropole and has established itself as the door to the East within the last decades. Viennese law firms and banks are among the leading corporations in business with the new EU member states. Tourism is very important for Austria's economy, accounting for around 10 percent of Austria's GDP.[14] In 2001, Austria was the tenth most visited country in the world with over 18.2 million tourists. Previously, dependency on German guests made this sector of the Austrian economy very dependent on German economy. However recent developments have brought a change, especially since winter ski resorts such as Arlberg or Kitzbühel are now more and more frequented by Eastern Europeans, Russians and Americans.

Health care services

Health care cost rise
Austrian health care spending for 1970 to 2007 compared with other nations

Austria’s health care system was developed alongside other social welfare programmes by the social democrats in Vienna initially.[15]

Trade position

Trade with other EU countries accounts for almost 66% of Austrian imports and exports. Expanding trade and investment in the emerging markets of central and eastern Europe is a major element of Austrian economic activity. Trade with these countries accounts for almost 14% of Austrian imports and exports, and Austrian firms have sizable investments in and continue to move labour-intensive, low-tech production to these countries. Although the big investment boom has waned, Austria still has the potential to attract EU firms seeking convenient access to these developing markets.

Mergers and acquisitions

Companies and investors from Austria are active in mergers and acquisitions (M&A). Since 1991, more than 7,183 mergers & acquisitions transactions have been announced with a known total value of 261.6 bil. EUR. In 2017, over 245 deals with a total value of over 12.9 bil. EUR have taken place.[16] They are not only active in national deals, but also as important investors in cross-border M&A abroad, with Germany being the most important partner. 854 German companies have been acquired by Austrian parant companies (outbound) so far.[17]

The industry with the largest M&A activity in Austria in terms of transaction value has been the financial sector, whereas the industry with the largest number of transactions has been Industrials - representing 19.2%.

Data

The following table shows the main economic indicators in 1980–2018. Inflation under 2% is in green.[18][19]

Year GDP
(in bil. Euro)
GDP per capita
(in Euro)
GDP growth
(real)
Inflation rate
(in Percent)
Unemployment
(in Percent)
Government debt
(in % of GDP)
1980 76.0 10.076 Increase2.3 % Negative increase6.3 % 1.6 % n/a
1981 Increase80.9 Increase10,705 Decrease−0.1 % Negative increase6.8 % Negative increase2.2 % n/a
1982 Increase86.3 Increase11,477 Increase1.9 % Negative increase5.4 % Negative increase3.1 % n/a
1983 Increase92.5 Increase12,266 Increase2.8 % Negative increase3.3 % Negative increase3.7 % n/a
1984 Increase97.1 Increase12,875 Increase0.3 % Negative increase5.7 % Negative increase3.8 % n/a
1985 Increase102.4 Increase13,561 Increase2.2 % Negative increase3.2 % Positive decrease3.6 % n/a
1986 Increase107.6 Increase14,240 Increase2.3 % Increase1.7 % Positive decrease3.1 % n/a
1987 Increase111.7 Increase14,765 Increase1.7 % Increase1.4 % Negative increase3.8 % n/a
1988 Increase119.6 Increase15,789 Increase1.0 % Increase1.9 % Positive decrease2.7 % 57.5 %
1989 Increase128.0 Increase16,849 Increase3.9 % Negative increase2.2 % Positive decrease2.3 % Positive decrease56.3 %
1990 Increase137.5 Increase17,989 Increase4.3 % Negative increase2.8 % Negative increase2.7 % Positive decrease55.9 %
1991 Increase147.4 Increase19,121 Increase3.4 % Negative increase3.1 % Negative increase3.2 % Negative increase56.1 %
1992 Increase155,8 Increase19.972 Increase2,0 % Negative increase3,4 % Negative increase3,3 % Positive decrease56,0 %
1993 Increase160.9 Increase20,412 Increase0.5 % Negative increase3.2 % Negative increase4.0 % Negative increase60.6 %
1994 Increase168.9 Increase21,305 Increase2.4 % Negative increase2.7 % Positive decrease3.9 % Negative increase63.7 %
1995 Increase176.6 Increase22,216 Increase2.7 % Increase1.6 % Negative increase4.2 % Negative increase67.9 %
1996 Increase182.5 Increase22,935 Increase2.4 % Increase1.8 % Negative increase4.7 % Positive decrease67.8 %
1997 Increase188.7 Increase23,685 Increase1.9 % Increase1.2 % Negative increase4.8 % Positive decrease63.1 %
1998 Increase196.3 Increase24,615 Increase3.6 % Increase0.8 % Positive decrease4.7 % Positive decrease68.8 %
1999 Increase203.9 Increase25,506 Increase3.6 % Increase0.5 % Positive decrease4.1 % Positive decrease61.1 %
2000 Increase213.6 Increase26,662 Increase3.4 % Increase2.0 % Positive decrease3.9 % Negative increase65.7 %
2001 Increase220.5 Increase27,420 Increase1.3 % Negative increase2.3 % Negative increase4.0 % Negative increase66.4 %
2002 Increase226.7 Increase28,054 Increase1.7 % Negative increase4.4 % Negative increase4.4 % Negative increase67.0 %
2003 Increase231.9 Increase28,561 Increase0.9 % Increase1.3 % Negative increase4.8 % Positive decrease64.9 %
2004 Increase242.3 Increase29,665 Increase2.7 % Increase2.0 % Negative increase5.5 % Positive decrease64.8 %
2005 Increase254.1 Increase30,890 Increase2.2 % Negative increase2.1 % Negative increase5.7 % Negative increase68.3 %
2006 Increase267.8 Increase32,393 Increase3.5 % Increase1.8 % Positive decrease5.2 % Positive decrease67.0 %
2007 Increase284.0 Increase34,234 Increase3.7 % Negative increase2.2 % Positive decrease4.9 % Positive decrease64.7 %
2008 Increase293.8 Increase35,301 Increase1.5 % Negative increase3.2 % Positive decrease4.1 % Negative increase68.4 %
2009 Decrease288.0 Decrease34,531 Decrease−3.8 % Increase0.4 % Negative increase5.3 % Negative increase79.6 %
2010 Increase295.9 Increase35,390 Increase1.8 % Increase1.7 % Positive decrease4.8 % Negative increase82.4 %
2011 Increase310.1 Increase36,971 Increase2.9 % Negative increase3.5 % Positive decrease4.6 % Positive decrease82.2 %
2012 Increase318.7 Increase37,816 Increase0.7 % Negative increase2.6 % Negative increase4.9 % Positive decrease81.6 %
2013 Increase323.9 Increase38,209 Steady0.0 % Negative increase2.1 % Negative increase5.3 % Positive decrease81.0 %
2014 Increase333.1 Increase38,992 Increase0.7 % Increase1.5 % Negative increase5.6 % Negative increase83.8 %
2015 Increase344.3 Increase39,893 Increase1.1 % Increase0.8 % Negative increase5.7 % Negative increase84.3 %
2016 Increase356.2 Increase40,760 Increase2.0 % Increase1.0 % Negative increase6.0 % Positive decrease83.7 %
2017 Increase369.9 Increase41,964 Increase2.6 % Negative increase2.2 % Positive decrease5.5 % Positive decrease78.8 %
2018 Increase387.4 Increase43,598 Increase2.7 % Negative increase2.1 % Positive decrease4.9 % Positive decrease74.2 %

See also

Notes

  1. ^ this is general government gross debt, defined in the Maastricht Treaty as consolidated general government gross debt at nominal value, outstanding at the end of the year; it covers the following categories of government liabilities (as defined in ESA95): currency and deposits (AF.2), securities other than shares excluding financial derivatives (AF.3, excluding AF.34), and loans (AF.4); the general government sector comprises the sub-sectors of central government, state government, local government and social security funds; as a percentage of GDP, the GDP used as a denominator is the gross domestic product in current year prices

References

  1. ^ a b c d e f g h "World Economic Outlook Database, October 2018". IMF.org. International Monetary Fund. Retrieved 25 March 2019.
  2. ^ a b c d e f g h i j k l m n o p q "The World Factbook". CIA.gov. Central Intelligence Agency. Retrieved 25 March 2019.
  3. ^ "Gini coefficient of equivalised disposable income - EU-SILC survey". ec.europa.eu. Eurostat. Retrieved 25 March 2019.
  4. ^ "Total unemployment rate". ec.europa.eu. Eurostat. Retrieved 25 March 2019.
  5. ^ a b Wages and Taxes for the Average Joe in the EU 2
  6. ^ "Ease of Doing Business in Austria". Doingbusiness.org. Retrieved 21 November 2017.
  7. ^ "Scope affirms Austria's long-term credit rating at AAA with Stable Outlook". Scope Ratings. Retrieved 8 March 2019.
  8. ^ "Austria". International Monetary Fund. Retrieved 22 April 2009.
  9. ^ Real GDP Growth – Expenditure Side, provided by the Austrian National Bank (in German)
  10. ^ a b (in English) Regional GDP per inhabitant in the EU27 Archived 26 March 2009 at the Wayback Machine, provided by Eurostat
  11. ^ (in English) Real GDP Growth3 – Expenditure Side, provided by the Austrian National Bank
  12. ^ Austrian Economic Chamber (July 2018). "GDP Growth in Austria" (PDF). Retrieved 14 August 2018.
  13. ^ "Austria in the EU". Austrian Embassy Washington. Retrieved 8 October 2018.
  14. ^ "Trade and Industry in Austria, Exports, Tourism". www.austria.info. 2007. Archived from the original on 27 November 2007. Retrieved 20 December 2007.
  15. ^ Austria. European Observatory on Health Care Systems
  16. ^ "M&A Statistics by Countries - Institute for Mergers, Acquisitions and Alliances (IMAA)". Institute for Mergers, Acquisitions and Alliances (IMAA). Retrieved 1 March 2018.
  17. ^ "Mergers & Acquisitions in Austria". Institute for Mergers, Acquisitions and Alliances (IMAA). Retrieved 1 March 2018.
  18. ^ "Report for Selected Countries and Subjects". Retrieved 1 September 2018.
  19. ^ "Report for Selected Countries and Subjects". www.imf.org. Retrieved 12 April 2019.

External links

Andor Lázár

Andor Lázár (8 March 1882 – 12 June 1971) was a Hungarian politician and jurist, who served as Minister of Justice between 1932 and 1938.

He was born into a Hungarian Calvinist family of noble origin in Pápa. He learnt at the Calvinist College of Pápa and finished law studies in Budapest. During his field trips he visited most of the countries of Europe, but he also went to Canada and the United States. From 1906 he flourished as practitioner and soon he became one of the most considerable and noted lawyers in the capital city. He hulled valuable literature works under his economic studies. His acknowledged writings are the Economic-political studies, the Economy of Austria in the beginnings of the 19th century, The Austrian devaluation and the German and Polish devaluation.

Lázár had a significant role in the foundation of the Hungarian State Banknote Press and creating of the Defence League of the Hungarian Territorial Integrity. His political career was started in the early 1930s, he was a supporter of Gyula Gömbös. He served as state secretary of the Ministry of Defence in 1931. He represented the city of Debrecen from 1931 until 1939 as a member of the governing party (Unity Party then Party of National Unity). When Gömbös was appointed Prime Minister Lázár became Minister of Justice. Instead of the prime Minister's views he supported the conservative forces, as a result he could hold the ministerial position in the next cabinet, which was led by Kálmán Darányi. later he had conflicts with the radicalising Béla Imrédy so he retired from the politics. he continued his lawyer career.

After the Second World War he could not start a political career again. He was interrogated about the Rákosi trial (during his ministership Mátyás Rákosi was arrested and sentenced to imprisonment). Although it turned out that Lázár had no role in this case, in spite of this he was interned to the Great Hungarian Plain in 1951. From 1953 he lived in Leányfalu.

Austria

Austria ( (listen), ; German: Österreich [ˈøːstɐraɪç] (listen)), officially the Republic of Austria (German: Republik Österreich, listen ), is a country in Central Europe comprising 9 federated states. Its capital, largest city and one of nine states is Vienna. Austria has an area of 83,879 km2 (32,386 sq mi), a population of nearly 9 million people and a nominal GDP of $477 billion. It is bordered by the Czech Republic and Germany to the north, Hungary and Slovakia to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the west. The terrain is highly mountainous, lying within the Alps; only 32% of the country is below 500 m (1,640 ft), and its highest point is 3,798 m (12,461 ft). The majority of the population speaks local Bavarian dialects as their native language, and German in its standard form is the country's official language. Other regional languages are Hungarian, Burgenland Croatian, and Slovene.Austria played a central role in European History from the late 18th to the early 20th century. It initially emerged as a margraviate around 976 and developed into a duchy and later archduchy. In the 16th century, Austria started serving as the heart of the Habsburg Monarchy and the junior branch of the House of Habsburg – one of the most influential royal houses in history. As archduchy, it was a major component and administrative centre of the Holy Roman Empire. Following the Holy Roman Empire's dissolution, Austria founded its own empire in the 19th century, which became a great power and the leading force of the German Confederation. Subsequent to the Austro-Prussian War and the establishment of a union with Hungary, the Austro-Hungarian Empire was created. Austria was involved in both world wars; it started the first one under Emperor Franz Joseph and served as the birthplace of Adolf Hitler, who provoked the second one.

Austria is a parliamentary representative democracy with a President as head of state and a Chancellor as head of government. Major urban areas of Austria include Graz, Linz, Salzburg and Innsbruck. Austria is consistently ranked as one of the richest countries in the world by per capita GDP terms. The country has developed a high standard of living and in 2018 was ranked 20th in the world for its Human Development Index. The republic declared its perpetual neutrality in foreign political affairs in 1955. Austria has been a member of the United Nations since 1955 and joined the European Union in 1995. It harbours the OSCE and OPEC and is a founding member of the OECD and Interpol. Austria also signed the Schengen Agreement in 1995, and adopted the euro currency in 1999.

Austrian economy

Austrian economy may refer to:

Economy of Austria

Austrian School of economics

Austrian schilling

The schilling (German: Schilling) was the currency of Austria from 1925 to 1938 and from 1945 to 1999, and the circulating currency until 2002. The euro was introduced at a fixed parity of €1 = 13.7603 schilling to replace it. The schilling was divided into 100 groschen.

Austro-Turkish War (1788–1791)

Austro-Turkish War, was fought in 1788–91 between the Habsburg Monarchy and the Ottoman Empire, concurrently with the Russo-Turkish War (1787–1792). It is sometimes referred to as the Habsburg–Ottoman War or the Austro-Ottoman War.

Baumgarten an der March

Baumgarten an der March (Croatian Pangort na Moravi) is a small subdivision of the municipality of Weiden an der March in Lower Austria, Austria. It has only 192 inhabitants.

Economy of Austria-Hungary

The Austro-Hungarian economy changed dramatically during the existence of the Dual Monarchy. The capitalist way of production spread throughout the Empire during its 50-year existence replacing medieval institutions. Technological change accelerated industrialization and urbanization. The GNP per capita grew roughly 1.76% per year from 1870–1913. That level of growth compared very favorably to that of other European nations such as Britain (1%), France (1.06%), and Germany (1.51%). However, in a comparison with Germany and Britain: the Austro-Hungarian economy as a whole still lagged considerably, as sustained modernization had begun much later. In 1873, the old capital Buda and Óbuda (Ancient Buda) were officially merged with the third city, Pest, thus creating the new metropolis of Budapest. The dynamic Pest grew into Hungary's administrative, political, economic, trade and cultural hub.

Many of the state institutions and the modern administrative system of Hungary were established during this period. Economic growth centered on Vienna and Budapest, the Austrian lands (areas of modern Austria), the Alpine region and the Bohemian lands. In the later years of the 19th century, rapid economic growth spread to the central Hungarian plain and to the Carpathian lands. As a result, wide disparities of development existed within the Empire. In general, the western areas became more developed than the eastern.

However, by the end of the 19th century, economic differences gradually began to even out as economic growth in the eastern parts of the Empire consistently surpassed that in the western. The Empire built up the fourth-largest machine building industry of the world, after the United States, Germany, and the United Kingdom of Great Britain and Ireland. Austria-Hungary was also the world's third largest manufacturer and exporter of electric home appliances, electric industrial appliances and facilities for power plants, after the United States and the German Empire. The strong agriculture and food industry of the Kingdom of Hungary with the center of Budapest became predominant within the Empire and made up a large proportion of the export to the rest of Europe. Meanwhile, western areas, concentrated mainly around Prague and Vienna, excelled in various manufacturing industries. However, since the turn of the twentieth century, the Austrian half of the Empire could preserve its dominance within the empire in the sectors of the first industrial revolution, but Hungary had a better position in the industries of the second industrial revolution, in these modern sectors of the second industrial revolution the Austrian competition could not become dominant. This division of labour between the east and west, besides the existing economic and monetary union, led to an even more rapid economic growth throughout Austria-Hungary by the early 20th century. The most important trading partner was Germany (1910: 48% of all exports, 39% of all imports), followed by Great Britain (1910: almost 10% of all exports, 8% of all imports). Trade with the geographically neighboring Russia, however, had a relatively low weight (1910: 3% of all exports /mainly machinery for Russia, 7% of all imports /mainly raw materials from Russia). In the Galician north, the Kingdom of Galicia and Lodomeria, an ethnic Pole-administered autonomous unit under the Austrian crown, became the major oil-producing region of Europe.

Famines in Austrian Galicia

Famines in Galicia were a common occurrence, particularly in the mid to late 19th century, as Galicia became heavily overpopulated. Triggered primarily by natural disasters such as floods and blights, famines, compounded by overpopulation, led to starvation, widespread malnutrition, epidemics, poverty, an average of 50,000 deaths a year, and from the 1870s to the beginning of World War I, emigration.

Healthcare in Austria

The nation of Austria has a two-tier health care system in which virtually all individuals receive publicly funded care, but they also have the option to purchase supplementary private health insurance. Care involving private insurance plans (sometimes referred to as "comfort class" care) can include more flexible visiting hours and private rooms and doctors. Some individuals choose to completely pay for their care privately.

Healthcare in Austria is universal for residents of Austria as well as those from other EU countries. Students from an EU/EEA country or Switzerland with national health insurance in their home country can use the European Health Insurance Card. Self-insured students have to pay an insurance fee of EUR 52.68 per month.Enrollment in the public health care system is generally automatic and is linked to employment, however insurance is also guaranteed to co-insured persons (i.e. spouses and dependents ), pensioners, students, the disabled, and those receiving unemployment benefits. Enrollment is compulsory, and it is not possible to cross-shop the various social security institutions. Employers register their employees with the correct institution and deduct the health insurance tax from employees' salaries. Some people, such as the self-employed, are not automatically enrolled but are eligible to enroll in the public health insurance scheme. The cost of public insurance is based on income and is not related to individual medical history or risk factors.All insured persons are issued an e-Card, which must be presented when visiting a doctor (however some doctors only treat privately insured patients). The e-Card allows for the digitization of health claims and replaces the earlier health insurance voucher. Additionally the e-Card serves as a valid ID.Hospitals and clinics can be either state-run or privately run. Austria has a relatively high density of hospitals and physicians; In 2011 there were 4.7 Physicians per 1000 people, which is slightly greater than the average for Europe. In-patient care is emphasized within the Austrian healthcare system; Austria has the most acute care discharges per 100 inhabitants in Europe and the average hospital stay is 6.6 days compared with an EU average of 6.By 2008 the economic crisis caused a deep recession, and out-of-pocket payments for healthcare increased to become 28% of health expenditures. By 2010, Austria's public spending has decreased overall, but it was 15.5%, compared to 13.9% fifteen years earlier.

KTM

KTM AG (the former KTM Sportmotorcycle AG) is an Austrian motorcycle and sports car manufacturer owned by KTM Industries AG and Indian manufacturer Bajaj Auto. It was formed in 1992 but traces its foundation to as early as 1934. Today, KTM AG is the parent company of the KTM Group.

KTM is known for its off-road motorcycles (enduro, motocross and supermoto). Since the late 1990s, it has expanded into street motorcycle production and developing sports cars – namely the X-Bow. In 2015, KTM sold almost as many street as off-road bikes. Production of the KTM X-Bow started in 2007.

Since 2012, KTM has been the largest motorcycle manufacturer in Europe for four consecutive years. Globally, the company is among the leading off-road motorcycle manufacturers.

In 2016, KTM sold 203,423 motor vehicles worldwide.

List of Austrian states by GDP

The following list of Austrian states by gross domestic product sorts the States of Austria (Bundesländer) according to their economic output.

List of Austrian states by Human Development Index

This is a list of Austrian states by Human Development Index as of 2017.

List of Austrians by net worth

The following Forbes list of Austrian billionaires is based on an annual assessment of wealth and assets compiled and published by Forbes magazine in 2015.

Oesterreichische Nationalbank

The Oesterreichische Nationalbank (OeNB) is the central bank of Austria and, as such, an integral part of both the European System of Central Banks (ESCB) and the Eurozone. In the public interest, the Oesterreichische Nationalbank contributes to monetary and economic policy decision-making in Austria and in the Euro area. In line with the Federal Act on the Oesterreichische Nationalbank, the OeNB is a stock corporation. Given its status as a central bank, it is, however, governed by a number of special provisions, as laid down in the Nationalbank Act. The OeNB's capital totals EUR 12 million and is held by a sole shareholder, the federal government. The shareholder rights of the federal government are exercised by the Minister of Finance. Since May 2010 this capital is entirely held by the Austrian state. Previously half of the capital was in the hands of employer and employee organizations as well as banks and insurance corporations.

Outline of Austria

The following outline is provided as an overview of and topical guide to Austria:

Austria – landlocked sovereign country located in Central Europe. It borders both Germany and the Czech Republic to the north, Slovakia and Hungary to the east, Slovenia and Italy to the south, and Switzerland and Liechtenstein to the west. The capital is the city of Vienna on the Danube River.

Poverty in Austrian Galicia

Poverty in Galicia was extreme, particularly in the late 19th century. Galicia in that period has been described as not only the poorest province of Austro-Hungary, but the poorest province of Europe. The reasons included little interest in reform from the major landholders and the Austrian government, population growth resulting in small peasant plots, lack of education, primitive agricultural techniques, and a vicious circle of chronic malnutrition; famine; and disease, reducing productivity. Poverty in the province was so widespread that the term "Galician misery" (nędza galicyjska) or "Galician poverty" (bieda galicyjska) has become proverbial, and the poverty and regular famines in the region were often compared to the situation in British Ireland.

Steyr Motors GmbH

Steyr Motors is an Austrian manufacturer of Diesel-engines based in Steyr, Upper-Austria.

Taxation in Austria

In Austria, taxes are levied by the state and the tax revenue in Austria was 42.7% of GDP in 2016 according to the World Bank The most important revenue source for the government is the income tax, corporate tax, social security contributions, value added tax and tax on goods and services. Another important taxes are municipal tax, real-estate tax, vehicle insurance tax, property tax, tobacco tax. There exists no property tax and a Gift tax and inheritance tax were cancelled in 2008. Furthermore, self-employed persons can use a tax allowance of €3,900 per year. The tax period is set for a calendar year. However, there is a possibilty of having an exception but a permission of the tax authority must be received. The Financial Secrecy Index ranks Austria as the 35th safest tax haven in the world.

Wirtschaftswunder

The term Wirtschaftswunder (German: [ˈvɪʁtʃaftsˌvʊndɐ] (listen), "economic miracle"), also known as the Miracle on the Rhine, describes the rapid reconstruction and development of the economies of West Germany and Austria after World War II (adopting an ordoliberalism-based social market economy). The expression referring to this phenomenon was first used by The Times in 1950.Beginning with the replacement of the Reichsmark with the Deutsche Mark in 1948 as legal tender (the Schilling was similarly re-established in Austria), a lasting period of low inflation and rapid industrial growth was overseen by the government led by West German Chancellor Konrad Adenauer and his Minister of Economics, Ludwig Erhard, who went down in history as the "father of the German economic miracle." In Austria, efficient labor practices led to a similar period of economic growth.

The era of economic growth raised West Germany and Austria from total wartime devastation to developed nations in modern Europe. At the founding of the European Common Market in 1957 West Germany's economic growth stood in contrast to the struggling conditions at the time in the United Kingdom.

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