economy of Austria

Austria has a highly developed social market economy, with the country being one of the 28 richest in the world in terms of GDP (gross domestic product) per capita. Until the 1980s, many of its largest industry firms were nationalised. In recent years, privatisation has reduced state holdings to a level comparable to other European economies. Among OECD nations, Austria has a highly efficient and strong social security system; social expenditure stood at roughly 29.4% of GDP.

Labor movements are particularly strong in Austria, and they have a large influence on labor politics. Next to a highly developed industry, international tourism is the most important part of the national economy. The economy of Austria's average GDP is 13th growth in OECD countries, from 1992 to 2017. In Austria, 1.37% over average population growth is the strong factor.