AustriaChapters
Once the center of power for the large Austro-Hungarian Empire, Austria was reduced to a small republic after its defeat in World War I. Following annexation by Nazi Germany in 1938 and subsequent occupation by the victorious Allies in 1945, Austria's status remained unclear for a decade. A State Treaty signed in 1955 ended the occupation, recognized Austria's independence, and forbade unification with Germany. A constitutional law that same year declared the country's "perpetual neutrality" as a condition for Soviet military withdrawal. The Soviet Union's collapse in 1991 and Austria's entry into the EU in 1995 have altered the meaning of this neutrality. A prosperous, democratic country, Austria entered the EU Economic and Monetary Union in 1999.
Source: The CIA World Factbook - Austria
Key indicators
- Area
- 83,871 km2
- Population
- 8,884,864 (July 2021 est.)
- Government type
- federal parliamentary republic
- Languages
- German (official nationwide) 88.6%, Turkish 2.3%, Serbian 2.2%, Croatian (official in Burgenland) 1.6%, other (includes Slovene, official in southern Carinthia, and Hungarian, official in Burgenland) 5.3% (2001 est.)
- GDP
- $428.965 billion (2020 est.)
- Growth rate
- -6.6% (2020 est.)
- HDI
- 18
- Capital
- Vienna
Macroeconomic indicators
Economic activity is set to remain buoyant through 2018 and, to a lesser extent, 2019, boosted by strong rebounds in investment and exports. Solid job creation and dynamic wages underpin private consumption. Inflation remains higher than in other euro area countries, mainly driven by prices in sectors that are little exposed to international merchandise trade.
The public deficit is declining albeit less than strong growth would imply. An improvement of public spending efficiency would free up funds for the extension of full-day schooling and childcare in rural areas, the upgrading of digital infrastructure and investments in life-long learning programmes. A more equity-capital-friendly business environment and further improvements in digital infrastructure would benefit both businesses and households.
Source: OECD - Economic Forecast
IMF Statistics
| Subject descriptor | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
|
Gross domestic product, constant prices Percent change (Units) |
4.238 |
4.806 |
-0.746 |
0.435 |
1.584 |
|
Gross domestic product, current prices Percent change (Billions) |
479.614 |
471.216 |
519.710 |
540.887 |
561.734 |
|
Gross domestic product per capita, current prices Percent change (Units) |
53,696.159 |
52,483.930 |
57,081.047 |
59,225.150 |
61,354.469 |
|
Inflation, average consumer prices Percent change (Units) |
2.756 |
8.614 |
7.710 |
3.920 |
2.783 |
|
Volume of imports of goods and services Percent change (Units) |
14.328 |
7.879 |
-1.681 |
1.831 |
3.473 |
|
Volume of exports of goods and services Percent change (Units) |
9.127 |
11.187 |
1.775 |
1.804 |
2.986 |
|
Unemployment rate Percent change (Units) |
6.175 |
4.767 |
5.100 |
5.398 |
5.203 |
|
Current account balance Percent change (Billions) |
7.893 |
-1.372 |
9.441 |
11.332 |
11.782 |
|
Current account balance Percent change (Units) |
1.646 |
-0.291 |
1.817 |
2.095 |
2.098 |
Estimates
Source: IMF Statistics - Austria
Relationships with Luxembourg
Existing conventions and agreements
Non double taxation agreement
In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.
- Convention from 18.10.1962 (Memorial 1963, A no.46, p.734 et p.962)
- Effective as of 01.01.1961 (Memorial 1963, A no.46, p.734 et p.962)
- Avenant from 21.5.1992 (Memorial 1993, A no.52, p.1033)
- Effective as of 01.01.1995 (Memorial 1993, A no.52, p.1033)
- Avenant from 07.07.2009 (Memorial 2010, A no.51, p.906)
- Effective as of 01.01.2011 (Memorial 2010, A no.51, p.906)
- Exchange of letters from 27.12.2016 (Memorial 2016, A no.270, p.4947)
- Effective as of 01.01.2011 (Memorial 2016, A no.270, p.4947)
Air Services agreement
- Agreement from 13.10.1952 (Memorial 1953, A, p. 735 )
- Effective as of 09.01.1953 (Memorial 1953, A, p. 1184)
- Exchange of Notes from 16.03.1956
- Effective as of the same date
Source: Administration des contributions directes
Further information
Foreign Trade
The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.
You can see the statistics on the website of the Statec.
Contact points in Austria
Embassy of the Grand Duchy of Luxembourg in Austria
Ambassador with Residency in Vienna: Mr Jean GRAFF
Sternwartestrasse, 81
A-1180 Vienna
Austria
Tel.: (+43 -1) 478-2142
Fax: (+43-1) 478-2144
E-Mail: vienne.amb@mae.etat.lu
Website: vienne.mae.lu
Honorary Consuls
Honorary Consul with jurisdiction over the State of Salzburg: Ms Suzanne HARF
Thumerggerstrasse, 26D
A-5020 Salzburg
Austria
Tel.: (+43) 660 564 56047
E-Mail: lux-konsulat@harf.eu.com
Honorary Consul with jurisdiction over the States of Tyrol and Vorarlberg : Dr Armand HAUSMANN
Wilhelm-Greil-Straße 5
A-6020 Innsbruck
Austria
Tel.: (+43) 699 818 479 69 ; (+43) 681 205 866 88
E-Mail: innsbruck@consul-hon.lu
Honorary Consul with jurisdiction over the State of Salzburg: Ms Suzanne HARF
Thumerggerstrasse 26D
A-5020 Salzburg
Austria
Tel.: +43 660 564 5604
E-Mail: lux-konsulat@harf.eu.com
Source: Ministry of Foreign Affairs of Luxembourg
Country risk as defined by Office du Ducroire for Austria
Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.
Link: Ducroire Office - Country Risk for Austria