Austria Economic Sectors

ECONOMY: AGRICULTURE AND LIVESTOCK

Agriculture, which is profitable especially in Lower Austria, Upper Austria and Styria, employs approx. 6%. of the active population and contributes to the formation of the GDP for just under 2%. Although the importance of the agricultural and forestry sector is constantly decreasing (only about 20% of the territory is subjected to exploitation), the companies in the sector are able to fully cover the food needs. Cereal crops prevail, although not practiced outside the Danube area: among them wheat and mountain cereals (barley, rye, oats); Potato is a widespread crop, as in all of Central Europe, and sugar beet is important for industrial purposes. Fruit growing is well developed, and finally viticulture is not lacking. Relevant is breeding, this is not surprising in an Alpine country, which has vast areas of grass and permanent pasture (23.2%); in mountain areas cattle prevail (Austria is self-sufficient as regards milk and derivatives), in flat areas pigs. The exploitation of the forestry heritage is also of importance, which feeds, especially in Styria and Carinthia, a thriving paper and pulp industry.

ECONOMY: MINERAL RESOURCES AND INDUSTRY

According to philosophynearby, Austria is also a mining country, which for some products (salt, iron, copper) boasts a very ancient tradition. Lignite and iron are mined (mostly at Eisenerz, in Styria), lead and zinc from Carinthia, copper ores in Salzburg, antimony in Burgenland, graphite in Styria and Lower Austria, tungsten in Tyrol and above all magnesite (of which Austria is one of the main producers in the world), abundant in various locations in Styria (Veitsch, Trieben, Breitenau etc.). In 1932 oil was discovered in Zistersdorf; however, the current production comes almost entirely from the Matzen wells. Other energy sources are natural gas and (above all) hydroelectric resources, which through a significant network of power plants (including the large complex of Kaunertal, in Tyrol) provide a large part of the overall energy production. The picture of industrial activities is quite varied, even if not particularly rich and with a progressive tendency to strengthen small highly specialized industries. The industrial sector (excluding the energy sector) participates in the formation of the GDP for approx. 30%. and employs 24% of the workforce. Characterized by the prevalence of small and medium-sized enterprises, it has undergone significant transformations, due to the progressive decrease in the state presence in companies, which began in the nineties of the last century. Sectors of more ancient formation (textiles, steel, machinery construction) have suffered a decline, while the weight of more recent industries has increased: electronics (Vienna, Villach), chemicals and petrochemicals (Vienna, Linz, Mannswörth, Brückl), automotive (construction of engines and other components in Vienna and Steyr). The production of cast iron and ferroalloys retains great importance, flanked by the metallurgical (aluminum, lead, zinc, copper) and iron and steel sectors. Cement plants are mainly concentrated in Gmunden, Loruns, Mannersdorf, Kuchl. The food sector also proves to be very profitable. Among the typical industries, in addition to that of skiing (in Kufstein), we remember the production of musical instruments (especially pianos, in Vienna), glass, leather, beer and the manufacture of tobacco, a state monopoly.. we remember the production of musical instruments (especially pianos, in Vienna), glass, leather, beer and the manufacture of tobacco, a state monopoly.. we remember the production of musical instruments (especially pianos, in Vienna), glass, leather, beer and the manufacture of tobacco, a state monopoly..

ECONOMY: SERVICES

The service sector is undoubtedly the fulcrum of the Austrian economy, contributing to the GDP for over 69%. Due to its geographical position, Austria has always been an important communication hub in Europe and if the longitudinal routes do not present serious natural obstacles, the transverse ones must overcome the Alpine chain, where various tunnels have already been opened since the second half of the nineteenth century., including the Semmering (first in the world) and the Arlberg. All major road and rail lines converge on Vienna, which is also home to Schwechat International Airport. Connections with Italy and Germany are ensured by the motorway network: the Vienna-Graz-Tarvisio and the Kufstein-Innsbruck-Brenner in the first direction, the Salzburg-Vienna in the second. It occupies an important place, especially for the transport of minerals, navigation on inland waters, especially on the Danube. Active river ports are Vienna, Linz and Enns. The economic structure of Austria is based, as has been said, on an intense commercial exchange. Imports mainly concern raw materials, foodstuffs and semi-finished products; instead, fuels, steel products, agricultural raw materials, timber and derivatives, machinery, textile and clothing products, electricity and livestock. The main trading partners are Germany, Italy, the United States, France and the Netherlands for imports, and Germany, Italy, the United States, Switzerland and the United Kingdom for exports. As regards the banking sector, controlled by the central bank (Osterreichische Nationalbank), it is particularly dynamic and since 2002, with the entry into force of the euro, it has been involved in various merger and acquisition processes. It plays a leading role in international financial activities, distinguishing itself in the financing of investments in Eastern countries, including in particular the Czech Republic, Hungary and Poland. Vienna is home to a stock and commodity exchange which, however, has little international significance. An integral part of Austrian economy is tourism, which contributes significantly to the improvement of the trade balance, constituting with its revenues almost half of the GDP: the number of foreign visitors, attracted by the historical, cultural and artistic heritage of a nation that was for centuries among the great protagonists of Europe, but also by the beauties of the alpine landscape, excellently valued in terms of hotels, hospitality in general and communications. Among the mountain resorts that attract the greatest number of tourists, both in summer and in winter, are Innsbruck, Kitzbühel, Sankt Anton, Villach, Lecht, Seefeld, Lienz. the number of foreign visitors is very high, attracted by the historical, cultural and artistic heritage of a nation that was for centuries among the great protagonists of Europe, but also by the beauties of the alpine landscape, excellently valued in terms of hotels, hospitality in general and communications. Among the mountain resorts that attract the greatest number of tourists, both in summer and in winter, are Innsbruck, Kitzbühel, Sankt Anton, Villach, Lecht, Seefeld, Lienz. the number of foreign visitors is very high, attracted by the historical, cultural and artistic heritage of a nation that was for centuries among the great protagonists of Europe, but also by the beauties of the alpine landscape, excellently valued in terms of hotels, hospitality in general and communications. Among the mountain resorts that attract the greatest number of tourists, both in summer and in winter, are Innsbruck, Kitzbühel, Sankt Anton, Villach, Lecht, Seefeld, Lienz.