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Austria Economy


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Austria Economy

Austria is one of the 10 richest countries in the world in terms of GDP (Gross domestic product) per capita, has a well-developed social market economy, and a high standard of living. Until the 1980s, many of Austria's largest industry firms were nationalised; in recent years, however, privatisation has reduced state holdings to a level comparable to other European economies. Labour movements are particularly strong in Austria and have large influence on labour politics. Next to a highly-developed industry, international tourism is the most important part of the national economy.

Germany has historically been the main trading partner of Austria, making it vulnerable to rapid changes in the German economy. However, since Austria became a member state of the European Union it has gained closer ties to other European Union economies, reducing its economic dependence on Germany. In addition, membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the aspiring economies of the European Union. Growth in GDP accelerated in recent years and reached 3.3% in 2006.

Source: Wikipedia Encyclopedia

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Austria Destinations: Graz, Innsbruck, Klagenfurt, Linz, Salzburg, Vienna


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Holiday Planning

A holiday is a day set aside by custom or by law in which normal activities, especially business or work, are to be suspended or reduced. Generally holidays are intended to allow individuals to celebrate or commemorate something of cultural or religious significance. Holidays may be designated by governments, religious institutions, or other groups or organizations. The degree to which normal activities are reduced by a holiday may depend on local laws, customs, or even personal choices. More articles about Holiday Planning


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