UNCTAD, UNESCO, UNDOF, UNFICYP, UNHCR, UNIDO, UNIIMOG, UNTSO, UPU, WCL,
WFTU, WHO, WIPO, WMO, WTO, ZC
Diplomatic representation:
Ambassador Friedrich HOESS; Embassy at 3524 International Court NW,
Washington, DC 20008; telephone (202) 895-6700; there are Austrian
Consulates General in Chicago, Los Angeles, and New York
US:
Ambassador Roy Michael HUFFINGTON; Embassy at Boltzmanngasse 16, A-1091,
Vienna (mailing address is APO AE 09108-0001); telephone [43] (1) 31-55-11;
FAX [43] (1) 310-0682; there is a US Consulate General in Salzburg
Flag:
three equal horizontal bands of red (top), white, and red

:Austria Economy

Overview:
Austria boasts a prosperous and stable capitalist economy with a sizable
proportion of nationalized industry and extensive welfare benefits. Thanks
to an excellent raw material endowment, a technically skilled labor force,
and strong links to German industrial firms, Austria occupies specialized
niches in European industry and services (tourism, banking) and produces
almost enough food to feed itself with only 8% of the labor force in
agriculture. Improved export prospects resulting from German unification and
the opening of Eastern Europe, boosted the economy during 1990 and to a
lesser extent in 1991. GDP growth slowed from 4.9% in 1990 to 3% in 1991 -
mainly due to the weaker world economy - and is expected to drop to around
2% in 1992. Inflation is forecasted at about 4%, while unemployment probably
will increase moderately through 1992 before declining in 1993. Living
standards are comparable with the large industrial countries of Western
Europe. Problems for the l990s include an aging population, the high level
of subsidies, and the struggle to keep welfare benefits within budget
capabilities. Austria, which has applied for EC membership, was involved in
EC and European Free Trade Association negotiations for a European Economic
Area and will have to adapt its economy to achieve freer interchange of
goods, services, capital, and labor within the EC.
GDP:
purchasing power equivalent - $164.1 billion, per capita $20,985; real
growth rate 3% (1991)
Inflation rate (consumer prices):
3.3% (1991, annual rate)
Unemployment rate:
5.8% (1991)
Budget:
revenues $47.7 billion; expenditures $53.0 billion, including capital
expenditures of $NA (1990)
Exports: