Austria Business
• Main exports: Machinery, metals, paper, textiles and food livestock.
• Main imports: Machinery and equipment, vehicles, chemicals, metal goods and oil.
• Main trade partners: Germany, Italy, Switzerland, USA and The Netherlands.
Economy
Tourism is a hugely important part of the Austrian economy. Agriculture has proved equally successful, with domestic products meeting 90% of the country's food needs. Austria has moderate deposits of iron, lignite, magnesium, lead, copper, salt, zinc and silver. Although there are some oil reserves and an extensive hydroelectric programme, Austria imports two-thirds of its energy requirements.
Austria joined the EU in 1995. The previously substantial trade with both the USA and the former USSR has fallen proportionally in recent years. Austria met the criteria for membership of the single European currency and joined it upon its inception at the beginning of 1999, adopting the Euro as its currency. Since then, in common with most of the EU, the economy has been sluggish. However, GDP growth was just over 3% in 2006, while inflation was at 1.7%, down from 2.6% in 2005.
Business Etiquette
Office hours: Mon-Fri 0800-1230 and 1330-1730.
Conferences & Conventions
Business Contacts
Stubenring 8-10, A-1010 Vienna, Austria
Tel: (1) 51450.
Website: http://wko.at/wien
Austrian Business and Convention
Network (ABCN)
Margaretenstrasse 1, A-1040 Vienna, Austria
Tel: (1) 5886 6350.
Website: www.abcn.at
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