Austria

==Economy==
{{Main|Economy of Austria}}
[[File:Kitzbühel by night.jpg|thumb|right|200px|[[Kitzbühel]], a famous winter tourist destination in Austria]]

Austria consistently ranks high in terms of [[List of countries by GDP (nominal) per capita|GDP per capita]],<ref name="autogenerated1">{{Cite web |title=Real GDP Gwoth |url=https://www.imf.org/external/datamapper/NGDP_RPCH@WEO/OEMDC/ADVEC/WEOWORLD |publisher=International Monetary Fund |access-date=4 December 2023 |archive-date=14 November 2020 |archive-url=https://web.archive.org/web/20201114112122/https://www.imf.org/external/datamapper/NGDP_RPCH@WEO/OEMDC/ADVEC/WEOWORLD |url-status=live }}</ref> due to its highly industrialised economy, and well-developed [[social market economy]]. Until the 1980s, many of Austria's largest industry firms were nationalised; in recent years, however, [[privatisation]] has reduced state holdings to a level comparable to other European economies. [[Labour movement]]s are particularly influential, exercising large influence on labour politics and decisions related to the expansion of the economy. Next to a highly developed industry, international tourism is the most important part of the [[economy of Austria]].

Germany has historically been the main trading partner of Austria, making it vulnerable to rapid changes in the [[German economy]]. Since Austria became a member state of the [[European Union]], it has gained closer ties to other EU economies. Membership of the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the aspiring economies of the European Union. Growth in GDP reached 3.3 percent in 2006.<ref>{{Cite web |url=https://www.oenb.at/en/Statistics/Standardized-Tables/Economic-and-Industry-Indicators/Economic-Indicators/gdp-growth.html |title=GDP Growth – Expenditure Side by the Oesterreichische Nationalbank |access-date=4 December 2023 |archive-date=4 December 2023 |archive-url=https://web.archive.org/web/20231204121500/https://www.oenb.at/en/Statistics/Standardized-Tables/Economic-and-Industry-Indicators/Economic-Indicators/gdp-growth.html |url-status=live }}</ref> At least 67 percent of Austria's imports come from other European Union member states.<ref>{{Cite web |title=OEC Austria (AUT) Exports, Imports, and Trade Partners |url=http://atlas.media.mit.edu/en/profile/country/aut |url-status=live |archive-url=https://web.archive.org/web/20160313121243/http://atlas.media.mit.edu/en/profile/country/aut |archive-date=13 March 2016 |access-date=12 March 2016 |website=atlas.media.mit.edu }}</ref>

[[File:BlueEurozone.svg|thumb|left|Austria is part of a monetary union, the [[eurozone]] (dark blue), and of the [[Internal Market (European Union)|EU single market]].]]

The [[Financial crisis of 2007–2008]] dented the economy of Austria in other ways as well. It caused, for example, the [[Hypo Alpe-Adria-Bank International]] to be purchased in December 2009 by the government for 1 euro owing to credit difficulties, thus wiping out the €1.63bn of [[BayernLB]]. {{As of|2014|February}}, the HGAA situation was unresolved,<ref>{{Cite news |last=Groendahl |first=Boris |date=15 February 2014 |title=Hypo Alpe Debt Cut Four Steps as Insolvency Not Ruled Out |work=Bloomberg.com |url=https://www.bloomberg.com/news/2014-02-15/hypo-alpe-s-state-backed-bonds-cut-4-levels-on-insolvency-debate.html |url-status=live |access-date=5 March 2017 |archive-url=https://web.archive.org/web/20141024143911/http://www.bloomberg.com/news/2014-02-15/hypo-alpe-s-state-backed-bonds-cut-4-levels-on-insolvency-debate.html |archive-date=24 October 2014 }}</ref> causing Chancellor [[Werner Faymann]] to warn that its failure would be comparable to the 1931 [[Creditanstalt]] event.<ref>{{Cite news |last=Groendahl |first=Boris |date=17 February 2014 |title=Faymann Evokes 1931 Austria Creditanstalt Crash on Hypo Alpe |work=Bloomberg.com |url=https://www.bloomberg.com/news/2014-02-17/austria-s-faymann-channels-1931-creditanstalt-crash-on-hypo-alpe.html |url-status=live |access-date=5 March 2017 |archive-url=https://web.archive.org/web/20141024143418/http://www.bloomberg.com/news/2014-02-17/austria-s-faymann-channels-1931-creditanstalt-crash-on-hypo-alpe.html |archive-date=24 October 2014 }}</ref>

Austria indicated on 16 November 2010 that it would withhold the December installment of its contribution to the EU bailout of Greece, citing the material worsening of the Greek debt situation and the apparent inability of Greece to collect the level of tax receipts it had previously promised.<ref>{{Cite web |last=Mark |date=16 November 2010 |title=Mark's Market Analysis |url=http://www.marksmarketanalysis.com/2010/11/austria-withholds-greek-bailout-funds.html |url-status=dead |archive-url=https://archive.today/20110714035955/http://www.marksmarketanalysis.com/2010/11/austria-withholds-greek-bailout-funds.html |archive-date=14 July 2011 |access-date=24 July 2011 |publisher=Marksmarketanalysis.com }}</ref>

Since the [[fall of communism]], [[List of Austrian companies|Austrian companies]] have been quite active players and consolidators in Eastern Europe. Between 1995 and 2010, 4,868 [[mergers and acquisitions]] with a total known value of 163 billion EUR with the involvement of Austrian firms have been announced.<ref>{{Cite web |title=Statistics on Mergers & Acquisitions (M&A) |url=http://www.imaa-institute.org/statistics-mergers-acquisitions.html#MergersAcquisitions_Austria |url-status=dead |archive-url=https://web.archive.org/web/20110726173440/http://www.imaa-institute.org/statistics-mergers-acquisitions.html |archive-date=26 July 2011 |access-date=24 July 2011 |publisher=Imaa-institute.org }}</ref> The largest transactions with involvement of Austrian companies<ref>{{Cite web |title=Statistics on Mergers & Acquisitions |url=http://www.imaa-institute.org/statistics-mergers-acquisitions.html#TopMergersAcquisitions_Austria |url-status=dead |archive-url=https://web.archive.org/web/20110726173440/http://www.imaa-institute.org/statistics-mergers-acquisitions.html |archive-date=26 July 2011 |access-date=24 July 2011 |publisher=Imaa-institute.org }}</ref> have been: the acquisition of [[Bank Austria]] by [[HypoVereinsbank]] for 7.8 billion EUR in 2000, the acquisition of [[Porsche|Porsche Holding Salzburg]] by [[Volkswagen Group]] for 3.6 billion EUR in 2009,<ref>{{Cite web |last=Ramsey |first=Jonathon |title=Volkswagen takes 49.9 percent stake in Porsche AG |url=http://www.autoblog.com/2009/12/08/volkswagen-takes-49-9-percent-stake-in-porsche-ag |url-status=live |archive-url=https://web.archive.org/web/20110810091134/http://www.autoblog.com/2009/12/08/volkswagen-takes-49-9-percent-stake-in-porsche-ag |archive-date=10 August 2011 |access-date=24 July 2011 |publisher=Autoblog.com }}</ref> and the acquisition of [[Banca Comercială Română]] by [[Erste Group]] for 3.7 billion EUR in 2005.<ref>[http://www.erstegroup.com/de/Download?chronicleId=0901481b80005991.pdf] {{Webarchive|url=https://web.archive.org/web/20110809152940/http://www.erstegroup.com/de/Download?chronicleId=0901481b80005991.pdf|date=9 August 2011}}</ref>

[[Tourism in Austria]] accounts for almost 9 percent of its gross domestic product.<ref name="STAT">{{Cite web |date=May 2008 |title=TOURISMUS IN ÖSTERREICH 2007 |url=http://www.statistik.at/web_de/static/tourismus_in_oesterreich_2007_bmwa_wko_stat_031155.pdf |url-status=dead |archive-url=https://wayback.archive-it.org/all/20081218105425/http://www.statistik.at/web_de/static/tourismus_in_oesterreich_2007_bmwa_wko_stat_031155.pdf |archive-date=18 December 2008 |access-date=18 November 2008 |publisher=BMWA, WKO, Statistik Austria |language=de}}</ref>
In 2007, Austria ranked 9th worldwide in international tourism receipts, with 18.9 billion US$.<ref name="UNTWO"/> In [[World Tourism rankings|international tourist arrivals]], Austria ranked 12th with 20.8 million tourists.<ref name="UNTWO">{{Cite web |date=June 2008 |title=UNTWO World Tourism Barometer, Vol.6 No.2 |url=http://www.tourismroi.com/Content_Attachments/27670/File_633513750035785076.pdf |url-status=dead |archive-url=https://web.archive.org/web/20081031013714/http://www.tourismroi.com/Content_Attachments/27670/File_633513750035785076.pdf |archive-date=31 October 2008 |access-date=18 November 2008 |publisher=UNTWO}}</ref>

===Infrastructure and natural resources===
{{Main|Transport in Austria|Wind power in Austria|Renewable energy in the European Union}}

[[File:Verbund malta.jpg|thumb|The [[Kölnbrein Dam]] in [[Carinthia (state)|Carinthia]]]]
In 1972 the country began construction of a [[nuclear power plant]] to produce electricity at [[Zwentendorf]] on the River [[Danube]], following a unanimous vote in parliament. However, in 1978 a [[referendum]] voted approximately 50.5 percent against nuclear power, 49.5 percent for,<ref>Lonnie Johnson 168–169</ref> and parliament subsequently unanimously passed a law forbidding the use of nuclear power to generate electricity although the nuclear power plant had already finished.

Austria currently produces more than half of its electricity by [[hydropower]].<ref name="RES">{{Cite web |date=23 January 2008 |title=Austria Renewable Energy Fact Sheet |url=http://www.energy.eu/renewables/factsheets/2008_res_sheet_austria_en.pdf |url-status=live |archive-url=https://web.archive.org/web/20090620081934/http://www.energy.eu/renewables/factsheets/2008_res_sheet_austria_en.pdf |archive-date=20 June 2009 |access-date=20 May 2009 |website=Europe's Energy Portal }}</ref> Together with other [[renewable energy]] sources such as [[wind power]], [[solar power]], and [[biomass]], the electricity supply from renewable energy amounts to 62.89 percent.<ref name="Renewables">{{Cite web |date=2006 |title=Renewable energy in Europe |url=http://www.energy.eu/renewables/eu-charts/chart4.html |url-status=live |archive-url=https://web.archive.org/web/20090520023020/http://www.energy.eu/renewables/eu-charts/chart4.html |archive-date=20 May 2009 |access-date=20 May 2009 |publisher=Europe's Energy Portal}}</ref>

Compared to most European countries, Austria is ecologically well endowed. Its [[biocapacity]] (or biological [[natural capital]]) is more than double of the world average: In 2016 Austria had 3.8 global hectares<ref name="GFN">{{Cite web |title=Country Trends |url=http://data.footprintnetwork.org/#/countryTrends?cn=11&type=BCpc,EFCpc |access-date=16 October 2019 |publisher=Global Footprint Network |archive-date=8 August 2017 |archive-url=https://web.archive.org/web/20170808050235/http://data.footprintnetwork.org/#/countryTrends?cn=11&type=BCpc,EFCpc |url-status=live }}</ref> of biocapacity per person within its territory, compared to the world average of 1.6 global hectares per person. By contrast, in 2016 they used 6.0 global hectares of biocapacity which amounts to Austria's [[ecological footprint]] of consumption. This means that Austrians use about 60 percent more biocapacity than Austria contains. As a result, Austria is running a biocapacity deficit.<ref name=GFN/>