• GDP: US$301 billion.
• Main exports: Machinery, metals, paper, textiles and food livestock.
• Main imports: Machinery and equipment, chemicals, metal goods, oil and oil products and foodstuffs.
• Main trade partners: EU, of which Germany is the main trade partner.

Austria is one of the most prosperous countries in the world. Manufacturing, including mining, accounts for nearly 30 per cent of GDP. Since World War II, much of the country’s industrial capacity has been in state hands and only recently has been removed from under the protective wing of the state holding company, OIAG. Iron and steel, chemicals, metalworking and engineering all fall into this category. Tourism is a hugely important part of the Austrian economy. Agriculture has proved equally successful, with domestic products meeting 90 per cent of the country’s food needs. Crops include sugar beet, potatoes, grain, grapes, tobacco, flax, hemp and wine. Austria has moderate deposits of iron, lignite, magnesium, lead, copper, salt, zinc and silver. Although there are some oil reserves and an extensive hydroelectric programme, Austria must import the bulk of its energy requirements. Austria was a member of the European Free Trade Association (EFTA) before it joined the EU in 1995; Germany is now Austria’s largest trading partner by a considerable margin, followed by Italy, France, the UK and, outside the EU, Switzerland. Overall, the EU now accounts for approximately two thirds of total Austrian trade. In January 2006, Austria took over the six-month rotating presidency of the EU. The previously substantial trade with both the USA and the former USSR has fallen as a proportion of the total in recent years. After implementing austerity measures to cut government spending, Austria was able to meet the criteria for membership of the single European currency and joined it upon its inception at the beginning of 1999. Since then, in common with most of the EU, the economy has been sluggish. GDP growth was just over 2 per cent in 2004, but inflation was at 2.6 per cent in 2005, the highest in four years.

Austrians are quite formal in their business dealings. A working knowledge of German will be very advantageous. Best times to visit are the spring and autumn months. Office hours: Mon-Fri 0800-1230 and 1330-1730.

Austria has 31 conference venues, including over 20 in Vienna and a floating conference centre, the MS Mozart, on the river Danube. The provincial capitals of Salzburg, Innsbruck, Graz, Linz, Bregenz, Klagenfurt and Eisenstadt also offer convention venues, as do several health and spa resorts. Furthermore, there are approximately 70 hotels in Austria which specialise in the conference/convention field. For more detailed information, contact the Austrian National Tourist Office.

Wirtschaftskammer Österreich (Austrian Federal Economic Chamber)
A-1010 Wien, Stubenring 8-10, Vienna, Austria
Tel: (1) 51450.
Website: http://wko.at/wein