Please Paste this Code in your Website
||1997 - 2015
Austria, with its well-developed market economy, skilled labor force, and high standard of living, has one of the highest GDP contributor in the form of knowledge-based sectors. In 2014, more than EUR 9 billion was invested in Research and Development, which comprises a research ratio of nearly 3 percent in relation to the country’s gross domestic product. As a consequence, Austria is significantly above the EU average of 2.01 percent (2013) and is ranked fifth among the EU member states (surpassed by Finland, Sweden, Denmark and only slightly behind Germany). Its economy features a large service sector (63 percent of total GDP), a sound industrial sector (25 percent), and a small, but highly developed agricultural sector (1 percent). On the expenditure side, private final consumption expenditure is the main component of GDP and accounts for 54 percent of its total use, followed by gross fixed capital formation (22 percent) and government final consumption expenditure (20 percent). Also, net external demand accounts for 4 percent of total GDP. Following several years of solid foreign demand for Austrian exports and record employment growth, the international financial crisis of 2008 and subsequent global economic downturn led to a sharp but brief recession. Austrian GDP contracted by 3.8 percent in 2009 but saw positive growth in the following years. However, the growth has been weak since 2012 and in 2014 it expanded only by 0.4 percent, as household consumption struggles to recover. This page provides - Austria GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Austria GDP Annual Growth Rate - was last refreshed on Wednesday, October 7, 2015.