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AUSTRIA: GROWING IMPORTANCE OF INDUSTRY

Industrialization a key growth driver

Although people across Europe are talking about the “post industrial society“, the fact is that Austria has been, and will remain, a modern industrial nation. Even if many EU citizens primarily consider Austria to be a vacation paradise which thrives from tourism, industry is by far the most important sector of the Austrian economy.

To go one step further: the share in the country’s total gross domestic product held by the production of physical (tangible) goods together with the construction and energy industries - the main features of a high-performance industrial economy - is actually increasing! These sectors now account for 32 per cent of the country’s GDP, the real value added to the economy, putting Austria in the top ranks of the EU27 in terms of its level of industrialization.

For investors in manufacturing industry, these figures signify that Austria offers a dynamic industrial environment, which will continue to serve as a medium term growth driver. The Vienna-based Austrian Institute of Economic Research anticipates a real economic growth rate averaging 2.5 per cent annually up until the year 2011.

Source: Newsletter ABA-Invest in Austria May 2007

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