of
subsidies, and the struggle to keep welfare benefits within budgetary
capabilities. Austria's government has taken measures to make the
economy more liberal and open by introducing a major tax reform,
privatizing state-owned firms, and liberalizing cross-border capital
movements. Although it will face increased competition, Austria should
benefit from the continued opening of eastern European markets, as
well as the 1 January 1994 start of the European Economic Area which
extends the European Union rules on the free movement of people,
capital, and goods and services to four members (including Austria) of
the European Free Trade Association (EFTA). Austria has concluded
membership negotiations with the European Union and is expected to
join in early 1995, thus broadening European economic unity. The
government, however, plans to hold a national referendum on the matter
on 12 June 1994; support for and opposition to membership appears
about equal.
National product:
GDP - purchasing power equivalent - $134.4 billion (1993)
National product real growth rate:
-0.5% (1993)
National product per capita:
$17,000 (1993)
Inflation rate (consumer prices):
3.7% (1993 est.)
Unemployment rate:
7% (1993 est.)
Budget:
revenues:
$52.2 billion
expenditures:
$60.3 billion, including capital expenditures of $NA (1993 est.)
Exports:
$39.9 billion (f.o.b., 1993)
commodities:
machinery and equipment, iron and steel, lumber, textiles, paper
products, chemicals
partners:
EC 63.5% (Germany 38.9%), EFTA 9.0%, Eastern Europe/FSU 12.3%, Japan
1.5%, US 3.35% (1993)
Imports:
$48.5 billion (f.o.b., 1993)
commodities:
petroleum, foodstuffs, machinery and equipment, vehicles, chemicals,
textiles and clothing, pharmaceuticals
partners:
EC 66.8% (Germany 41.3%), EFTA 6.7%, Eastern Europe/FSU 7.5%, Japan
4.4%, US 4.4% (1993)
External debt:
$16.2 billion (1993 est.)
Industrial production:
growth rate -4.5% (1993 est.)
Electricity:
capacity:
17,600,000 kW
production:
49.5 billion kWh
consumption per capita:
6,300 kWh (1992)
Industries:
foods, iron and steel, machines, textiles, chemicals, electrical,
paper and pulp, tourism, mining, motor vehicles
Agriculture:
accounts for 3.2% of GDP (including forestry); principal crops and
animals - grains, fruit, potatoes, sugar beets, sawn wood, cattle,
pigs, poultry; 80%-90% self-sufficient in food
Illici