International Market Development

International market development | Comprehensive analysis of Austria's economy and market conditions

Author : Bozhou Marine

Update time : 2020-12-28 15:03:31

In this article, we mainly introduce the basic situation of the Austrian market. Including: geographic location, major cities, population conditions, ethnic groups, major festivals, natural resources, major industries, infrastructure, GDP, foreign exchange reserves, employment, taxes, etc.

  Introduction

The Republic of Austria (English: The Republic of Austria), abbreviated as "Austria", is a parliamentary republic in central Europe. It has nine federal states. As a landlocked country, it borders many countries. Slovakia is bordered by Italy and Slovenia to the south, Liechtenstein and Switzerland to the west, and Germany and the Czech Republic to the north, with a land area of 83,855km².

Austria is a highly developed capitalist country and one of the founding countries of the OECD. It joined the European Union in 1995, signed the Schengen Convention in the same year, and started using the Euro in 1999. In 2016, the per capita GDP reached US$45,870. Its human development index ranked 19th in the world in 2016. Its industrial characteristics are high degree of nationalization. State-owned enterprises control 95% of basic industries and over 85% of power industries, with output value and number of employees accounting for 70% of its total. .

  Capital

Vienna (English: Vienna), located on the Danube River, is the capital and largest city of Austria, one of the country's 9 federal states, and a major cultural center in Europe. It is known as the "Music Capital of the World".

Vienna is the most populous city in Austria. In the 2017 census, Vienna has a population of more than 1.87 million. Vienna is also the second most populous German-speaking city in the world, after Berlin.

Vienna is one of the four official locations of the United Nations, as well as the headquarters of the Organization of Petroleum Exporting Countries, the Organization for Security and Cooperation in Europe, the International Atomic Energy Agency and other international agencies. Vienna has been rated as one of the most livable cities in the world by UN-Habitat for many years.

  Main City

Vienna

Vienna is the capital of Austria and one of the 9 federal states of Austria. It is the largest city and political center of Austria, located on the Danube River.

Vienna is one of the four official locations of the United Nations. In addition, Vienna is also the headquarters of the Organization of Petroleum Exporting Countries, the Organization for Security and Cooperation in Europe, the International Atomic Energy Agency and other international agencies.

On November 30, 2011, Vienna was crowned the world's most livable city champioon with its gorgeous buildings, parks and extensive bicycle network. Due to the strong atmosphere of classical music in the city, it attracts musicians from all over the world to gather here. It has the reputation of "World Music Capital" and "Le Capital".

Salzburg

Located in the west of Austria, Salzburg is the gate of the Alps and is the oldest city in Austria. The architectural style of the city is mainly Baroque. The main representatives are the Salzburg Catholic Church and the Michabel Garden. The Heilbrunn Palace and its palace gardens and fountains in the garden also attract thousands of tourists.

Linz

The third largest city in Austria, the center of heavy industry and the capital of Upper Austria. It is located north of the central part of the country, where the Danube and its tributary Traun river meet. It has an area of 96 square kilometers and a population of about 200,000. Originally a Roman Fortress, it became an important trading center in the Middle Ages.

After 1938, it developed into an important heavy and chemical industry center. The industry is dominated by steel, chemical and mechanical manufacturing, as well as electronics, shipbuilding, textiles, food, wood processing, leather, tobacco and other sectors. Railway and highway hubs and important river ports on the Danube. There is an airport on the outskirts of the city. There are Kepler University, University of Technology, Theological Institute, Scientific Research Institute, Art School, Music School and other scientific and educational institutions in the city. There are many ancient buildings in the city, such as ancient castles and St. Martin's Church. It straddles the Danube River and is connected by a bridge.

Picture | Pixabay

  Jet Lag

The normal time in Austria is 7 hours slower than Beijing time, and the summer time is 6 hours slower than Beijing time. After subtracting 7 hours from Beijing time, it is the local normal time in Austria. Austrian summer time: from the last Sunday in March to the last Sunday in October each year.

  Population and Ethnicity

8.9 million (January 1, 2020), of which 1.487 million are foreigners, accounting for 16.7%.

  Language

The official language is German.

  Main Holiday

New Year on January 1;
Main God Day on January 6;
Easter in April;
May 1st International Labor Day;
The first Thursday after 40 days of Easter: Jesus’ Ascension Day;
The 50th day after Easter: Pentecost;
Sunday or Thursday after May Day: Eucharist;
Assumption of Mary on August 15;
National Day on October 26;
Halloween on November 1;
The Virgin Mary's Conception Day on December 8;
Christmas on December 25th-26th.

Picture | Pixabay

  Natural Resources

Minerals mainly include graphite, magnesium, lignite, iron, petroleum, natural gas, etc. Forests and water resources are rich, with a forest area of 3.75 million hectares and a forest coverage rate of 43%. The timber stock volume is 1.135 billion cubic meters.

  Main Industry

Austria is located in the center of Europe and is an important transportation hub in Europe. Its economy is developing rapidly and its economic growth rate is higher than the EU average. Austria’s industry is characterized by a high degree of nationalization. State-owned enterprises control 95% of basic industries and more than 85% of power industries, and their output value and number of employees account for 70% of its total.

Mechanical Industry

Including metal processing, machinery and equipment manufacturing, it is Austria’s largest industry, with about 1,900 companies, and its output value accounts for about a quarter of Austria’s industrial output value. The Austrian machinery industry invests about 480 million euros in research and development every year. Special machinery, custom machinery and boiler construction are the core competitiveness of the Austrian machinery industry;

Chemical Industry

It is one of the important industrial sectors in Austria. According to the Austrian State Investment Promotion Agency (ABA), the output value of the chemical industry accounts for about 1/10 of the total industrial output value.

Automobile Industry

There are approximately 700 companies with 150,000 to 200,000 employees and an annual turnover of approximately 21.5 billion Euros. If you add related industries and services, the total number of employees in the auto industry can reach 370,000, which is equivalent to 1 out of 8 jobs in the auto industry.

  Infrastructure

Highway

The total length of various roads in the country is about 124,500 kilometers, including 2,180 kilometers of expressways and expressways. In 2016, the freight volume was 488 million tons (October 2018).

Railway

The total length of national railways is 5,644 kilometers. In 2016, the passenger volume was 289 million passengers, and the cargo volume in 2017 was 108 million tons.

Austria is located in the heart of Europe. It is closely connected with neighboring countries through the extensive network of the Austrian Federal Railways and has become a part of the European railway network. The main hub railway stations, such as Vienna, Salzburg, Graz, Innsbruck, etc., have frequent trains to all parts of Austria and the main cities of its neighboring countries.

Air Transport

Austrian Airlines was founded in 1957 and became a subsidiary of Lufthansa in 2009. Since July 1, 2012, all Austrian Airlines aircraft will be operated by Tyrol Airlines. There are 82 aircraft. In 2017, Austrian civil aviation carried 29 million passengers and 235,000 tons of cargo. There are 6 airports in the country, the main international airport is Vienna Schwechat Airport.

Water Transport

The Danube course is 350 kilometers long. In 2017, the Danube's cargo volume was 9.6 million tons.

  Stable economic growth

Austria's GDP in 2019: 398.5 billion euros, real growth rate: 3.3%. GDP per capita: 44,900 euros, one of the top in Europe.

In recent years, the Austrian economy has maintained stable growth overall, and the growth rate is higher than the average level of EU member states.

Austrian GDP growth rate trend chart over the years | TRADING ECONOMICS

Affected by the epidemic, think tank WIFO predicts that Austria's GDP will drop by 7.3% in 2020 (the October forecast is 6.8%).

Rapid growth of foreign exchange reserves

Austrian foreign exchange reserves trend chart over the years | TRADING ECONOMICS

Austria is located in the center of Europe and is an important transportation hub in Europe. It has close economic ties with neighboring countries. In particular, Germany is Austria’s largest trading country. It has benefited from stable economic growth in the EU in recent years. Austria’s foreign trade has developed rapidly and foreign exchange reserves have grown rapidly. .

Unemployment rate doubles due to epidemic, hitting 74-year high

Austrian consumer price index CPI trends over the years | TRADING ECONOMICS

According to the latest data released by the Austrian Ministry of Social Affairs on April 1, local time, affected by the continuous spread of the new crown epidemic, the unemployment rate in the country reached 12.2% in March, a record high since 1946.

It was reported on December 8 that a total of 460,000 people were unemployed in Austria, an increase of 9,153 from last week. 401,249 people are registered as unemployed with AMS. The Austrian Ministry of Labor announced today that 65,101 people are currently receiving reemployment training.

The unemployment rate in Austria in 2020 is expected to be 9.7%.

Corporate income tax rate 25%

Austrian corporate income tax trends over the years | TRADING ECONOMICS

In 2020, the Austrian corporate income tax rate is 25%.

Personal income tax rate 55%

Austrian corporate income tax trends over the years | TRADING ECONOMICS

In 2020, the Austrian personal income tax rate is 55%.

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