Population (2021): 8,956,729
Gross National Income, Atlas method (Current US$) (Billions) (2021): $467.57
GNI per capita, Atlas method (Current USD) (2021): $52,210
Income Share Held by Lowest 20% (2019): 7.9%
Gross Domestic Product (Current US$) (Billions) (2021): $477.08
Source: World Bank. Country Profile: Austria. World Development Indicators. Last accessed Nov. 11, 2022.
Gross Domestic Product Per Capita (Current US$) (2010-2019): $50,122
Share of Household Income (2010-2019):
Bottom 40%: 20.9%; Top 20%: 38.7%; Bottom 20%: 7.9%
Gini Coefficient (2010-2019): 27.5
Palma Index of Income Inequality (2010-2019): 1.0
Source: United Nations Children’s Fund, The State of the World’s Children 2021: On My Mind – Promoting, protecting and caring for children’s mental health, UNICEF, New York, October 2021.
“In 2016, Austria’s GDP amounted to approximately €350 billion. In terms of GDP per capita, Austria ranked sixth among EU Member States (approximately €40 000 versus €29 000 at EU-28 level) (Eurostat, 2017b). Average annual growth rates have declined since the 1980s, which is similar to other western European countries (Table 1.2). In 2008 and 2009, Austria was affected by the global economic crisis but the economy recovered fast and effects of the crisis did not lead to austerity policies.
“By the end of 2016 public debt in Austria amounted to €295.7 billion, corresponding to 84.6% of GDP (versus 65.9% in 2000; see also Table 1.2); the average public debt for EU-28 countries in 2016 was at 83.5% of GDP (Eurostat, 2017c). Public revenues are mainly derived from tax and social insurance contributions (87%). Almost half of public expenditure (46%) is attributed to social and health expenditure (Statistics Austria, 2017i). Due to population ageing, public spending on pension and health care is projected to increase, and may pose challenges to fiscal sustainability in the medium and long term (European Commission, 2017a).
“Since the 2000s, the trade balance of goods and services is in surplus again and is increasing, meaning that Austria exports more goods and services than it imports. Industry accounts for around one third of value added in the Austrian economy, while value added by services contributes around two thirds. The share of agriculture has declined to 1.3% of GDP in 2016 (versus 4.9% in 1980) (Table 1.2).
“The Austrian labour force has grown considerably since 2000 to about 4.5 million people in 2016. Currently, about 6% of the total labour force (according to the International Labour Organization (ILO) definition) are unemployed (Table 1.2), which is one of Europe’s lowest unemployment rates. However, unemployment rates vary considerably across the Länder (Eurostat, 2017e): unemployment rates in Vienna (11.3%) are more than three times those in Salzburg or Vorarlberg (3.4%).”
Source: Bachner F, Bobek J, Habimana K, Ladurner J, Lepuschütz L, Ostermann H, Rainer L, Schmidt A E, Zuba M, Quentin W, Winkelmann J. Austria: Health system review. Health Systems in Transition, 2018; 20(3): 1 – 256.
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Page last updated Nov. 11, 2022 by Doug McVay, Editor.