Amadeus MOZART or Johann HOLZER (disputed)
note: adopted 1947; the anthem is also known as "Land der Berge, Land am Strome" (Land of the Mountains, Land on the River); Austria adopted a new national anthem after World War II to replace the former imperial anthem composed by Franz Josef HAYDN, which had been appropriated by Germany in 1922 and was now associated with the Nazi regime
Economy ::Austria
Economy - overview:
Austria, with its well-developed market economy 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 and global economic downturn in 2008 led to a recession that persisted until the third quarter of 2009. Austrian GDP contracted 3.8% in 2009 but saw positive growth of about 2% in 2010. Unemployment has not risen as steeply in Austria as elsewhere in Europe, partly because its government has subsidized reduced working hour schemes to allow companies to retain employees. Such stabilization measures, stimulus initiatives, and the government's income tax reforms pushed the budget deficit to 3.5% of GDP in 2009 and about 5% in 2010, from only about 1.3% in 2008. The international financial crisis caused difficulties for some of Austria's largest banks whose extensive operations in central, eastern, and southeastern Europe faced large losses. The government provided bank support - including in some instances, nationalization - to prevent insolvency and possible regional contagion. In the medium-term all large Austrian banks will need additional capital. Even after the global economic outlook improves, Austria will need to continue restructuring, emphasizing knowledge-based sectors of the economy, and encouraging greater labor flexibility and greater labor participation to offset growing unemployment and Austria's aging population and exceedingly low fertility rate.
GDP (purchasing power parity):
$332.9 billion (2010 est.) country comparison to the world: 36 $326.4 billion (2009 est.)
$339.3 billion (2008 est.)
note: data are in 2010 US dollars
GDP (official exchange rate):
$366.3 billion (2010 est.)
GDP - real growth rate:
2% (2010 est.) country comparison to the world: 147 −3.8% (2009 est.)
1.9% (2008 est.)
GDP - per capita (PPP):
$40,300 (2010 est.) country comparison to the world: 20 $39,800 (2009 est.)
$41,300 (2008 est.)
note: data are in 2010 US dollars
GDP - composition by sector:
agriculture: 1.5%
industry: 29.4%
services: 69.1% (2010 est.)
Labor force:
3.63 million (2010 est.) country comparison to the world: 96
Labor force - by occupation:
agriculture: 5.5%
industry: 27.5%
services: 67% (2005 est.)
Unemployment rate:
4.6% (2010 est.) country comparison to the world: 43 4.8% (2009 est.)
Population below poverty line:
6% (2008)
Household income or consumption by percentage share:
lowest 10%: 4%
highest 10%: 22% (2007)
Distribution of family income - Gini index:
26 (2007) country comparison to the world: 127 31 (1995)
Investment (gross fixed):
21% of GDP (2010 est.) country comparison to the world: 75
Public debt:
68.6% of GDP (2010 est.) country comparison to the world: 25 66.4% of GDP (2009 est.)
Inflation rate (consumer prices):
1.5% (2010 est.) country comparison to the world: 40 0.4% (2009 est.)
Commercial bank prime lending rate:
5.03% (31 December 2009 est.) country comparison to the world: 132 6.82% (31 December 2008 est.)
Stock of narrow money:
$173.4 billion (31 December 2010 est) country comparison to the world: 18 $175.6 billion (31 December 2009 est)
note: see entry for the European Union for money supply for the entire euro area; the European Central Bank (ECB) controls monetary policy for the 16 members of the Economic and Monetary Union (EMU); individual members of the EMU do not control the quantity of money circulating within their own borders
Stock of broad money:
$402.8 billion (31 December 2010 est.) country comparison to the world: 23 $402.2 billion (31 December 2009 est.)
Stock of domestic credit:
$659.2 billion (31 December 2009 est.) country comparison to the world: 20 $606.2 billion (31 December 2008 est.)
Market value of publicly traded shares:
$53.58 billion (31 December 2009) country comparison to the world: 43 $72.3 billion (31 December 2008)
$228.7 billion (31 December 2007)
Agriculture - products:
grains, potatoes, sugar beets, wine, fruit; dairy products, cattle, pigs, poultry; lumber
Industries:
construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism
Industrial production growth rate:
3% (2010 est.) country comparison to the world: 106
Electricity - production:
66.78 billion kWh (2008 est.) country comparison to the world: 40
Electricity - consumption:
68.37 billion kWh (2008 est.) country comparison to the world: 38
Electricity - exports:
14.93 billion kWh (2008 est.)
Electricity
