Austria

D

Tourism

Austria has a substantial tourist industry, owing to its wealth of cultural and recreational attractions. In 2005 almost 20 million tourists visited the country, spending some US$11.1 billion. Popular destinations include Vienna, Salzburg, and the Austrian Alps. Austria derives the highest proportion of its GNP, 6.3 per cent, from tourism of any of the 29 OECD member states.

E

Energy

Austria has numerous hydroelectric installations, which together produce more than two thirds of the country’s electrical output. In 1994 Austria had an electricity-generating capacity of some 17.2 million kW, and approximately 56 billion kWh of electricity were generated in 2003. Substantial amounts of electricity were exported to other European countries.

F

Currency and Banking

The monetary unit of Austria was formerly the schilling of 100 groschen, but in accordance with the country’s entry into the European single currency, as from January 1, 2002, Austria adopted Euro notes and coins. As at early 2007, 0.77 Euros equalled US$1. The Austrian National Bank has authority over the nation’s currency and bank credit policies. Austria has more than 1,000 commercial, savings, cooperative, and mortgage banks.

G

Commerce and Trade

The total estimated value of imports of goods in 2004 was about US$104 billion. Construction and industrial machinery, chemicals, electrical apparatus, transport equipment, petroleum, and foodstuffs were among the chief import commodities. Austrian exports totalled about US$104 billion in the same period. The principal products exported included iron and steel, engines and engine parts, wood and timber, paper, paperboard, synthetic fibres and fabrics, electric power, machinery, embroidery, and chemicals. Austria also has an active “invisible” import/export sector, dealing with banking and other services. Germany is the largest market for and supplier to Austrian industry. Italy and the other nations of the European Union, Japan, the United States, and Switzerland are also major trade partners.

H

Labour

About 60 per cent of the total Austrian workforce of 3,758,800 (1995) belongs to the 15 unions that make up the Austrian Trade Union Federation. Membership in unions is on a voluntary basis, but all wage earners are required by law to join their respective staff associations. These are organized on a provincial basis and represent workers on legislative matters. Women make up more than 40 per cent of the total workforce.