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macrohistory & world report

Republic of Austria

map of austria

Austria, its capital Vienna, amid neighboring states.

World Factbook as of October 2014: " Austria, with its well-developed market economy, skilled labor force, and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Following several years of solid foreign demand for Austrian exports and record employment growth, the international financial crisis of 2008 and subsequent global economic downturn led to a sharp but brief recession... Unemployment did not rise as steeply in Austria as elsewhere in Europe, partly because the government subsidized reduced working hour schemes to allow companies to retain employees... In March 2012, the Austrian parliament approved an austerity package consisting of a mix of expenditure cuts and new revenues that will bring public finances into balance by 2016. In 2012, the budget deficit rose to 3.1% of GDP."

Economic growth rate
2013: 0.4%
2012: 0.6%
2011: 2.7%
2010: 2.1%

Unemployment rate
2013: 4.9%
2012: 4.4%
2011: 4.2%
2010: 6.9%

Value Added Tax: 20% (Nov 2010)

Family income distribution (GINI index)
Ranks 132nd among 141 countries (lower rank number is less equal).

People

Net migration rate
2011: More arriving than leaving. A net gain of 1.81 per 1,000 population.

Religion
Fifteen percent of Catholics attend mass weekly (New York Times, April 19, 2005). Roman Catholics 78.6%, Protestant 4.7%, Muslim 4.2%, (2001 census)

Geography

Just south of Germany and the Czech Republic. The western half is mountainous - in the Alps. 

Government

Federal republic, suffrage for age sixteen and up. Parliamentary system. Bicameral legislature. Capital: Vienna

Recent History

May 15, 1955: Allied occupation ends. Austria regains full independence in an agreement with the Soviet Union. Soviet forces are pulled from the country. Austria has agreed to remain neutral and therefore will not join NATO.

1994, in a referendum more than two-thirds vote in favor of membership in the European Union. Membership begins on January 1, 1995.

Copyright © 2009-2013 by Frank E. Smitha. All rights reserved.