economy, moreover, is not expected to grow by more than
1% in 1993, and inflation is forecast to remain about 4%. Unemployment will
likely remain at current levels at least until 1994. Living standards in
Austria 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 budgetary
capabilities. The continued opening of Eastern European markets, however,
will increase demand for Austrian exports. Austria, a member of the European
Free Trade Association (EFTA), in 1992 ratified the European Economic Area
Treaty, which will extend European Community rules on the free movement of
people, goods, capital and services to the EFTA countries, and Austrians
plan to hold a national referendum within the next two years to vote on EC
membership.
National product:
GDP - purchasing power equivalent - $141.3 billion (1992)
National product real growth rate:
1.8% (1992)
National product per capita:
$18,000 (1992)
Inflation rate (consumer prices):
4% (1992 est.)
Unemployment rate:
6.4% (1992 est.)
Budget:
revenues $47.8 billion; expenditures $53.0 billion, including capital
expenditures of $NA (1992 est.)
Exports:
$43.5 billion (1992 est.)
commodities:
machinery and equipment, iron and steel, lumber, textiles, paper products,
chemicals
partners:
EC 65.8% (Germany 39%), EFTA 9.1%, Eastern Europe/former USSR 9.0%, Japan
1.7%, US 2.8% (1991)
Imports:
$50.7 billion (1992 est.)
commodities:
petroleum, foodstuffs, machinery and equipment, vehicles, chemicals,
textiles and clothing, pharmaceuticals
partners:
EC 67.8% (Germany 43.0%), EFTA 6.9%, Eastern Europe/former USSR 6.0%, Japan
4.8%, US 3.9% (1991)
External debt:
$11.8 billion (1990 est.)
Industrial production:
growth rate 2.0% (1991)
Electricity:
17,600,000 kW capacity; 49,500 million kWh produced, 6,300 kWh per capita
(1992)

*Austria, Economy

Industries:
foods, iron and steel, machines, textiles, chemicals, electrical, paper and
pulp, tourism, mining, motor vehicles
Agriculture:
accounts for 3.2% of GDP (including forestry); principal crops and animals -
grains, fruit, potatoes, sugar beets, sawn wood, cattle, pigs, poultry;
80-90% self-sufficient in food
Illicit drugs:
transshipment point for Southwest Asian heroin transiting the Balkan route