Situated in Central Europe, Austria is a German-speaking country that
has the 14th richest economy in terms of GDP per capita in the world.
It is capital is Vienna its trades mainly with Germany which
thus naturally happens to influence the economy of the nation.
Its GDP rank is 26th and 43rd in nominal and PPP respectively
on as per the International Monetary Fund standards, 2018.
It has the 31st freest economy in 2019 Index.
Their overall score has gone up by 0.2because of fiscal
health, government spending and government integrity.
It stands 16th amongst the 44 countries in the European region.
To better the business environment the Austrian
government have made working hours flexible, lowered
the rate of corporate taxes and made several
more labor market reforms in the past few years.
Ingenuousness to international trade and investment is resolutely established,
and the fairly effectual entrepreneurial structure fortifies competitiveness.
They have a consistent and apparent legal system and corruption is penalized.
Despite having a small economy the market of Austria is
strong and globalized, they have a competitive manufacturing
market, their economy is backed by a skilled labor force
and their massive services sector is praiseworthy.
Industries
A majority of Austria’s GDP is contributed by its service sector.
Its capital has flourished into consulting and financial hub in the past few decades.
The banks and law firms of Vienna are amongst the top corporations
in trade with the new member states of the European Union.
Contributing 10% to the GDP of Austria tourism happens
to be the next most important in the nation’s economy.
It attracts more than 25 million tourists every year.
One of the main reasons for this is that the
level of crime in this country is very low.
From being dependant on German tourists to having
grown become more independent now with visitors from
all over the world, Austria is investing more on the
tourism sector to make it open for more tourists.
Americans, Eastern Europeans and even Russians are seen here
in the winters especially as they come to enjoy skiing here.
Most of the industries are small, but there are
some that function on international levels.
Some important industries are chemical
plants, iron and steel and oil corporations.
These industries provide employment to thousands of people.
Agriculture in Austria contributes a small part to the GDP, but the
farmers grow enough to take care of about 80% of the country’s food.
Rule of Law
The country has a dependable land registration process.
They maintain proper property records which can be accessed when required.
Their legal laws are much in place which makes Austria a superb place to invest.
Their judicial system is independent and provides effective protection
for intellectual and real property rights and enforcing of contracts.
Corruption is not much heard of in Austria but if there are cases where high official
are found guilty they are rightfully charged and punished under the law of Austria.
Austria Present
Exports of Austria went up by 0.8% in the month of December 2018.
Their shipments reduced by 1.3% to non EU countries
while it went up by 1.9% to the EU nations.