Economic Background:
Austria is a well-developed country with a strong national economy and a high standard of living. The Austrian economy has been growing steadily in recent years with an estimated GDP growth of 1% in 2002 and 1.3% forecast for 2003. Unemployment and inflation has risen are reasonably low compared to Germany. The tourism and leisure industry accounts for over 16% of Austria's total gross domestic product and is one of Austria's key industries. 
In the future the Austrian government wants to reduce taxation and further invest in education and research in order to spur economic growth.

Currency: 
Since 28th of February 2002 the Euro (€) is the only valid currency in Austria replacing the Schilling. Euro banknotes range from 500, 200, 100, 50, 20, 10 and 5 Euro, as well as coins of 1 Cent, 2 Cent, 5 Cent, 10 Cent, 50 Cent, 1 Euro and 2 Euro.

Industries:
Major industries in Austria include construction, machinery, vehicles and parts, food, chemicals, lumber and wood processing, paper and paperboard, communications equipment and tourism industry. Austria has a very strong machinery and construction industry, with exports worldwide. Like Germany Austria has a high percentage of Mittelstand companies. These Mittelstand companies are owner managed businesses, being built up by highly educated and determined individuals after the second world war. 

GDP by Sector:
The services sector is dominant in Austria with 65% followed by the industrial sector with 33%. The agricultural sector only accounts for 2% of total GDP.

Export Products: 
Austria's main export products include machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles and food. 

Export Partners:
Austria's main export partner is the EU with 63 per cent (Germany 35%, Italy 9%, France 5%) followed by Switzerland (5 per cent), the US (5 per cent) and Hungary (4 per cent). German machinery and construction expertise is exported worldwide including the Asia Pacific Region and the Middle East. Austria has very strong links with Central and Eastern Europe, with many companies having their own subsidiaries in these markets. For a long period Austria had enjoyed excellent export guarantee schemes which encouraged Austrian companies to export to some of the most difficult markets in Central and Eastern Europe  Austria exporters are highly supported by their government through their local Austrian Trade Commission throughout the world.

Import Products:
Main imported products include machinery and equipment, motor vehicles, chemicals, metal goods, oil & oil products and food.

Import Partners:
Main import partner is the EU with 68%. Germany has been Austria's main trading partner for a many years, primarily as there are few barriers in terms of product specification and regulations, language, business culture and distance. Germany's import which amount for 42% is followed by Italy with 7%, and France with 5%. Major non EU imports come from the USA with 6 % and Switzerland with 3 % and Hungary with 2 %