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NOWOTNY chancery: 3524 International Court NW, Washington, DC 20008-3035 consulate(s) general: Chicago, Los Angeles, and New York FAX: [1] (202) 895-6750 telephone: [1] (202) 895-6700 Diplomatic representation from the US: chief of mission: Ambassador William Lee LYONS BROWN, Jr. embassy: Boltzmanngasse 16, A-1090, Vienna mailing address: use embassy street address telephone: [43] (1) 31339-0, 31375, 31335 FAX: [43] (1) 3100682 Flag description: three equal horizontal bands of red (top), white, and red Economy Austria Economy - overview: Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany's. Membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to EU aspirant economies. Slow growth in Germany and elsewhere in the world held the economy to 0.7% growth in 2001, 1.4% in 2002, and again less than 1% in 2003. However, recent data signal that the recovery has started. The government estimates economic growth in 2004 of 1.7-2.1% and of 2.5% in 2005. The government is planning a EURO 500 billion income tax cut in 2004, though some economists doubt it will have stimulative effects in 2004, because it will be offset by higher health insurance contributions and higher taxes on energy. For 2005, Austria plans a tax cut of EURO 2.5 billion and harmonization of the various pension schemes. To meet increased competition from both EU and Central European countries, particularly the new EU members, Austria will need to emphasize knowledge-based sectors of the economy, continue to deregulate the service sector, and lower its tax burden. A key issue is the encouragement of much greater participation in the labor market by its aging population. GDP: purchasing power parity - $245.3 billion (2003 est.) GDP - real growth rate: 0.7% (2003 est.) GDP - per capita: purchasing power parity - $30,000 (2003 est.) GDP - composition by sector: agriculture: 3.5% industry: 25.7% services: 70.9% (2003 est.) Investment (gross fixed): 22.5% of GDP (2003) Population below poverty line: 3.9% (1999) Household income or consumption by percentage share: lowest 10%: 2.5% highest 10%: 22.5% (1995) Distribution of family income - Gini index: 31 (1995) Inflation rate (consumer
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