Austria's Current Economic Condition

Like their other European neighbors, Austria has a sharp social market economy and a elevated standard of living. Historically speaking, Germany has been its key trading partner, making Australia exposed to rapid changes in the German economy. Based on economic analyses, around two percent of Austria's population lives below the poverty line.

In agriculture, like those of other west European rugged countries, Austrian farms are small and fragmented, and production is pretty expensive. Consequently, the quality of the produce is very high as strict agricultural regulations are securely enforced. There are also different iron and steel works and chemical plants as well as enormous industrial enterprises employing thousands of people in Austria. Nevertheless, most industrial and commercial enterprises in Austria are pretty small on an international scale. Like in other western countries, the most enormous backer to country's GDP is its service sector. It is chiefly outstanding in tourism, especially winter tourism.
When it comes to foreign trades, its aggregate exports were valued at €94.7 billion in 2005, an growth of 5.4% compared to 2004. Nevertheless, the country's imports amounted to €96.5 billion, an growth of 5.9% compared to 2004. This resulted in a slightly negative trade balance of €1.8 billion.