Austria

Austria is a well-developed market economy with skilled labor force and high standard of living. It is closely tied to other EU economies, especially Germany's, but also the US’, its third-largest trade partner. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector.

Austria is not a member of NATO but joined NATO’s Partnership for Peace framework in 1995 and participates in NATO-led crisis management and peacekeeping operations; as of 2022, more than 100,000 Austrian military and civilian personnel had taken part in more than 50 international peace support and humanitarian missions since 1960 (2022)

Source: CIA Fact Book

Central Europe, north of Italy and Slovenia

landlocked; strategic location at the crossroads of central Europe with many easily traversable Alpine passes and valleys; major river is the Danube; population is concentrated on eastern lowlands because of steep slopes, poor soils, and low temperatures elsewhere

about the size of South Carolina; slightly more than two-thirds the size of Pennsylvania

Strengths

Industrial and tertiary diversification, high added value
Comfortable current account surplus
More than 30% of energy sourced from renewable supplies
Major tourist destination (11th worldwide)
High public expenditure on R&D (3% of GDP)

Weaknesses

Dependent on the German and Central/Eastern European economies
Banking sector exposed to Central, Eastern, and South-Eastern European countries
Multiple layers of power and administration (federal, Länder, municipalities)

Source: Coface.com

Background - Once the center of power for the large Austro-Hungarian Empire, Austria was reduced to a small republic after its defeat in World War I. Following annexation by Nazi Germany in 1938 and subsequent occupation by the victorious Allies in 1945, Austria's status remained unclear for a decade. A State Treaty signed in 1955 ended the occupation, recognized Austria's independence, and forbade unification with Germany. A constitutional law that same year declared the country's "perpetual neutrality" as a condition for Soviet military withdrawal. The Soviet Union's collapse in 1991 and Austria's entry into the EU in 1995 somewhat altered the meaning of this neutrality. A prosperous, democratic country, Austria entered the EU Economic and Monetary Union in 1999.

Characteristic	Fact
Terrain	mostly mountains (Alps) in the west and south; mostly flat or gently sloping along the eastern and northern margins
Percentage of English Spoken	73%
Population	8,913,088 (2022 est.)
Target Cities	Vienna, Graz, Linz
Main Industries	construction, machinery, vehicles and parts, food, metals, chemicals, lumber and paper, electronics, tourism
GDP	4.56% (2021 est.)
Government	federal parliamentary republic
Relevant History
Global Corporate Headquarters
Urbanization	59.5% of total population (2023)
Internet Connectivity	88% (2020 est.)
Moody's Credit Rating
Corruption Rank Index	74
CoFace Business Climate Index	A1
Travel Advisory	Level 1
VAT Tax	20%