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Top Industrial Exports
Top Vaccines, cars, packaged medicines, vehicle parts, broadcasting equipment
$268.277 billion in exports (Ranked 30th globally)
GDP Per Sector
Agriculture: 1.3%
Industry: 28.4%
Services: 70.3%
Austria's diverse economy features a strong manufacturing sector, excelling in machinery and automotive production. Austria also has a focus on information technology and biotechnology. Vienna's financial services sector is well-developed, encompassing banking and insurance. Austria emphasizes renewable energy, with a robust hydropower sector and a growing commitment to wind and solar energy. Construction and real estate industries are buoyant, fueled by infrastructure projects. The creative sector, including film, music, and design, adds vibrancy. Healthcare and life sciences play a crucial role, focusing on medical research and biotechnology.
Austria is a highly industrialized country with a well-established export sector. Some of its major industrial exports include machinery and equipment, especially in the fields of automotive components and industrial machinery. The country is renowned for producing high-quality manufacturing goods, and its machinery exports contribute significantly to its economy. Additionally, Austria is a key player in the export of chemical and pharmaceutical products, with a focus on innovative and advanced solutions. The automotive industry, including the export of vehicles and parts, is another important contributor to Austria's industrial exports.
Exports - Partners
Exports - Partners
Germany 28%, United States 7%, Italy 6%, Switzerland 5%
Imports - Partners
Germany 39%, Italy 7%, Czechia 5%
GDP = $445.025 billion
PPP = $484.698 billion
Rank = 44th globally
GDP per Capita = $54,100
PPP Per Capita = $67936
Rank = 24th globally
Unemployment rate = 6.3%
Population under Poverty Line = 13.3%
Life expectancy = 82.5 Y/O, ranked 24th globally
Infant Mortality Rate = 3.2 deaths/1,000 live births Ranked 200th globally
Physicians Density = 5.29 physicians/1,000 population
School life Expectancy
Total: 16 years
Male: 16 years
Female: 16 years
Literacy Rate:
98%
Education expenditures
5.1% of GDP
72th globally
Austria has a very high Human Development Index (HDI). This is supported by various factors indicating a high standard of living for its residents. Austria has a well-developed and diverse economy, with a high GDP per capita. The country has a strong social welfare system, providing citizens with access to quality healthcare, education, and social services. Additionally, Austria consistently performs well in global indices measuring factors such as life expectancy, education levels, and income. Its stable political environment, efficient infrastructure, and low unemployment rate further contribute to its high HDI status.
Austria is positioned in Rostow's Modernization Model at Stage 5, As a highly developed country (MDC), In Stage 5, Austria showcases a mature and highly diversified economy, with a strong emphasis on services and innovation. The country has achieved widespread affluence, high living standards, and a well-established middle class. Evidence supporting this classification includes Austria's robust industrial and technological sectors, high GDP per capita, well-developed infrastructure, and a quality standard of living for its population.
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