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Austria

National economy of Austria - industries, GDP and prosperity level

Innsbruck, Austria Austria is by far one of the most developed countries in Europe. Various branches of the economy, from traditional tourism to aerospace inventions and production, are well-developed. Austria is rich in iron ore and magnesite. The country has a lot of reserves of brown coal, oil, and natural gas. At the same time, the country's policy is still focused on importing an energy resource. There is an acute shortage of coal. The needs of the population in such raw materials are fully covered by imports. There are many hydroelectric power stations on the territory of the country. A part of the energy produced is exported. Most of the territory of Austria is covered with forests, which was an impetus for the woodworking industry.
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About 25% of the country's total GDP is held by industry. The country has more than 7 000 enterprises, of which only two percent are large ones. The automotive industry is concentrated on the production of gearboxes; almost all the goods are exported. In the field of electronic technology, mostly different chips are produced, which are also designed for export. The overwhelming number of factories works to sell modern industrial equipment. Austria is actively engaged in the extraction of coal, iron ore, dolomite, graphite, tungsten, zinc, lead, magnesite, limestone, and marble. However, the constantly growing expanding industry forces the state to begin importing such natural resources.
Due to the fact that the volume of production of raw materials is constantly decreasing and the dependence on imported products is constantly increasing, there is a decrease in the mining industry. At the same time, the importance of manufactures, which produce goods, including the innovative equipment, and designs of modern technologies, increases multifold. The largest companies of the country are Dorotheum, which is the trade organization, Ebag specializing in mining, Austria Tabak, Beler-uddeholm, Fest-Alpine Technologies producing equipment for metallurgy and power engineering, Austrian Airlinks, Oesterreichs Mineral Ferval Tung for oil and gas production. Copyright www.orangesmile.com
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About 40% of the land of Austria is used as an agricultural land. For the most part, crops, fruits and grapes are grown. Meadows and pastures for cattle occupy about 57%. The Alpine lowlands are considered to be the most fertile. More than 91% of the total Austrian-produced food is consumed by the population. Exports of meat and dairy products isn’t that large. The country also exports wheat and corn. The number of Austrian products in the total world exports of agricultural products is 4%. The transport system of Austria is well-developed. There are more than 6 thousand km of railways in the country, as well as about 1 500 km of modern high-speed autobahns. An average of about 5 million tons of cargo are transported by Danube river annually. This is mostly coal, coke, oil, fertilizers, and metals.
Seefeld in Tirol Despite the fact that Austria is a fairly well-developed industrial country, only 60 000 citizens are involved in the secondary industry. The overwhelming majority of the population is engaged in retail trade, banking, education, and tourism. At the same time, the latter branch makes a huge contribution to the overall economic structure of the country. The gross inflow of income from tourism at the end of the 2000s was about 12 billion euros. The complex reform of the social security system is of great economic importance. Social insurance is mandatory for all citizens who work in non-dependent areas. Both employees and employers themselves make a variety of social contributions to the state. That is why insurance cases are highly paid, pensioners have an opportunity to receive a decent pension, free medical care is provided, and there is a high-interest insurance against accidents and unemployment.
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In terms of its economic development, Austria is ahead of many members of the European Union, including Sweden, England, Italy, and Germany. GDP per capita in the late 2000's was about 27.4 thousand euros. This indicator is constantly growing. The total GDP was about 230 billion euros. The Austrian economy is characterized by an extremely low unemployment rate, which is 4% of the total number of able-bodied citizens. There is virtually no inflation; it makes less than 1.5%. The country has a very high standard of living, thanks to the strong trade and financial and economic relations. The membership in the EU contributed to the emergence of major investment projects. The government of the country has successfully carried out various economic reforms for several decades, which brought huge dividends.
Austria guide chapters 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

Fantastic City Tours and Excursions in Austria

Uniques sights in Austria

Seegrotte

From the series “The Scariest Mines in the World”
The Austrian town of Hallstatt can boast not only one of the most mysterious and frightening mines in the world, but also a unique natural attraction, the largest underground lake in Europe. The lake and the mine wear one name – Zeegrotte. This unique object was created by man and irresistible forces of nature, so it deserves attention of all tourists without exception. Development of mines began in the 19th century, there was an active mining of gypsum.

After 60 years, when the field of the mine was flooded, an amazingly beautiful lake of impressive scale has eventually formed there. During the World War II, the abandoned mine was used to store precious historical relics, so locals had to pump all the water out of the caves. However, they couldn’t overcome the forces of nature and … Read all
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Thailand Wants to Resume Tourism by July 1

If Thailand reopens its borders by July 1, it can overperform other popular Asian destinations. The petition underlines that tourism can speed up the economic growth of the country and suggests implementing potential requirements for international tourists, such as proof of vaccination, health insurance purchase, a negative COVID-19 test, and so on. In 2019, tourism in Thailand was an industry worth approximately US$96.5 billion. Almost 40 million tourists visited the country in 2019, providing over 8 million people with jobs. Between two and four million of these people already lost their jobs due to travel restrictions. Read this

13.04.2021

Austria by photo artists

Microeconomics of Austria cities - shopping

Vienna
Sweet tooths should not forget to visit Mozart store that offers countless sweets, chocolate, and candies. This shop is mostly targeted at travelers so there are many chocolate gift sets that can make a wonderful souvenir. If trendy and stylish clothes is what you need, Mariahilfer Strasse is the place to go. There are many shops with clothes for young fashionistas. Members of different subcultures will also find suitable trading pavilions there. All shops are quite affordable and offer a wide … Read more
Salzburg
Another great shopping destination is located not far from Salzburg Airport. It’s Designer Outlet – a giant shopping mall that is a primary destination of savvy travelers in search of inexpensive designer items. The mall offers clothes and shoes by leading brands. Designer Outlet is interesting to visit despite the season. Besides dozens of popular shops, there are several cafes and restaurants, and even an ice skating rink that works all year round. Travelers will be pleased to find more … Read more
Solden
If you want an inexpensive and truly Austrian souvenir, then pay attention to a statuette or soft toy in the form of a horse. White horse Lipizzaner breed is a true symbol of Austria. The history of the breed goes back almost five centuries. You can find magnets, t-shirts, wooden toys, mugs, and even fans with images of horses from Lipic. The cowbell is another interesting local souvenir. Local residents don’t use it for its intended purpose. This has been prohibited by law since 2012 due to … Read more
Innsbruck
Many shops in the city are historical, among them the prestigious Frey Wille. The opening of this store took place in 1951, for more than 60 years it has been selling gorgeous jewelry and accessories. Recently, in this store, buyers have become available luxury bags, belts and other accessories that will appeal to connoisseurs of stylish things. Despite the fact that the prices in this store are quite high, he has a lot of regular customers, including in celebrity circles. Among the … Read more
Graz
Linzbichler Susswaren confectionery is a real attraction of Graz. It is historical and offers visitors dozens of kinds of sweets. You can purchase sweets, prepared under secret inventive recipes. Truffles alone are more than 30 varieties. Besides sweets and chocolate, gingerbread, cookies, praline and marzipan are sold here. A large choice of gift sets in beautiful packages is available to customers. For fresh vegetables, fruits and national delicacies, go to Kaiser-Josef market. This is the … Read more
Kirchberg in Tirol
There are many sports equipment shops in the town. However, this is quite natural for a ski resort. But do not think that a lot of competition automatically provides prices below average. The cost of equipment will be on average even higher than in major European cities in Kirchberg in the season. But the choice is really very large here. So you can find clothing, suitable for every height, weight, and budget. So if the purpose of your trip to the town is to buy good ski equipment, it is worth … Read more
Fulpmes
If you want to buy something to remember the trip to Fulpmes, you can think about the national costume. Trachten is popular with both Austrians and German neighbors. Such clothes are an indispensable attribute of festivals like Oktoberfest. In general, this outfit is not suitable for everyday wear, unless you decide to wear it to some themed events. But some parts like a blouse will look good as clothes for every day. You can buy a local elongated hat to commemorate the holiday in Tirol. … Read more
Saalbach
There are no problems when buying household items and products. There are some pretty big supermarkets like Spar in town. But keep in mind that despite the focus of local businessmen on tourists, the working hours of shops are traditional for Austria in the settlement. Shops are open from seven in the morning, but they are closed at seven in the evening on weekdays. The shops will close at six on Saturday night. If some shops are open on Sunday, then for a couple of hours in the afternoon. So … Read more

Austria: map of shopping spots

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