98 budget consolidation programs, and
austerity measures, which were expected to bring total public sector
deficit down to 3% of GDP in 1997 and public debt in line with the 60%
of GDP required by the EU. Cuts mainly affect the civil service and
Austria's generous social system, the two major causes of the
government deficit. To meet increased competition from both the EU and
Central European countries, Austria will need to emphasize
knowledge-based sectors of the economy and deregulate the service
sector, particularly telecommunications and the energy sector.
Economic prospects are expected to brighten in 1998 with GDP growth
projected to be 2.5%.

GDP: purchasing power parity-$174.1 billion (1997 est.)

GDP-real growth rate: 2.1% (1997 est.)

GDP-per capita: purchasing power parity-$21,400 (1997 est.)

GDP-composition by sector:
agriculture: 1.5%
industry: 31.6%
services: 66.9% (1996)

Inflation rate-consumer price index: 1.3% (1997)

Labor force:
total: 3.646 million (1996)
by occupation: services 66.1%, industry and crafts 29.6%, agriculture
and forestry 1.3% (salaried employees, 1996)
note: an estimated 150,000 Austrians are employed abroad; foreign
laborers in Austria number 298,000 (1996)

Unemployment rate: 7.1% (January 1998)

Budget:
revenues: $53.6 billion
expenditures: $61.6 billion, including capital expenditures of $NA
(1996 est.)

Industries: food, iron and steel, machines, textiles, chemicals,
electrical, paper and pulp, tourism, mining, motor vehicles

Industrial production growth rate: 1% (1996)

Electricity-capacity: 15.65 million kW (1996)

Electricity-production: 54.8 billion kWh (1996)

Electricity-consumption per capita: 6,900 kWh (1996)

Agriculture-products: grains, potatoes, sugar beets, wine, fruit,
dairy products; cattle, pigs, poultry; sawn wood

Exports:
total value: $57.8 billion (1996)
commodities: machinery and equipment, iron and steel, lumber,
textiles, paper products, chemicals
partners: EU 64.7% (Germany 37.7%, Italy 8.5%), Eastern Europe 14.9%,
Japan 1.5%, US 3.1% (1996)

Imports:
total value: $67.3 billion (1996)
commodities: petroleum, foodstuffs, machinery and equipment, vehicles,
chemicals, textiles and clothing, pharmaceuticals
partners: EU 70.7% (Germany 42.8%, Italy 8.7%), Eastern Europe 10%,
Japan 2.4%, US 4.5% (1996)

Debt-external: $29.4 billion (1996 est.)

Economic aid:
donor: ODA, $480 million; assistance to central and eastern Europe
$