Austria had a GDP of $215 billion in 1998 and an inflation rate of 1.3%. Austria's 8.1 million people have a per capita income of about $26,500. The German-speaking nation has sustained economic growth and low inflation, making it one of Europe's most prosperous and stable economies.
The exchange rate is about 12.3 Austrian shilling to $1.00. Manufacturing is the land-locked country's leading activity, and includes assembly of vehicles, machine tools, and ships. About 42% of the land in Austria is used for pastures and agriculture.
The trade policy of Austria allows 60% of all products to enter without tariff for non-EU countries; the remaining products on average are hit with a 10.7% tariff. The top income tax rate is 50% (average rate: 32%). The top corporate tax rate is 34%, the capital gains tax 34%, a value-added tax of 20%, and a real estate tax of 3.5%.
Austria's government consumes 18.8% of GDP, with one-third of the workforce employed in the public sector. The Austrian government owns radio, television, the airlines, postal service, and long distant busing.
Austria's passenger car fleet is about 3.8 million units. Volkswagen leads with 83,000 new car registrations, General Motors' Opel, 35,000; Ford, 24,000; PSA, 19,000; Renault, 18,000; Fiat, 14,000; Toyota, 12,300; BMW, 12,000; Mercedes-Benz, 10,000; Nissan, 10,000; Honda, 7000; Volvo, 3000; and others 41,000 for a total of 288,300.
DaimlerChrysler produces vehicles in Austria from kits, which is not considered "local production".
Country profiles were provided by Raymond Champagne
