Iron and steel production as well as other metalworking and heavy industry have a significant role in the economy. Previously, large parts of the industry were state-owned, but since the 1990s there are no fully state-owned industries.
The engineering industry is extensive, including the manufacture of cars and car parts. There is also a significant telecom industry and the manufacture of electrical and electronic goods. Forestry contributes with paper and pulp as well as wood products, including skis. The textile industry is also important, as is food processing, while the mining industry’s role in the economy has decreased.
The construction sector had a decline in the early 00s, but has since gained a boost not least thanks to relatively large government investments in roads and railways.
Government companies were previously managed by the holding company ÖIAG, which was one of Europe’s 50 largest industrial groups. During the 1980s, a wave of privatizations began. However, sales of state-owned companies have halted in recent years. ÖIAG was converted in 2015 to the company ÖBIB, which was directly subordinated to the Ministry of Finance, which means that the state strengthened its influence over the partially state-owned companies that remain. The most important of these are the energy company OMV – which is the country’s largest industrial company – and Telekom Austria, where the state’s ownership is just under a third, and the Österreichische Post, which the state owns just over half.
- COUNTRYAAH: List of top trading partners of Austria. Includes countries that imported most shipments from and exported most goods to the country.
- According to ABBREVIATIONFINDER, AT stands for the country of Austria in geography.
State election in Vorarlberg
The ÖVP loses its majority in the state while Neos takes two seats and thus for the first time takes a seat in a state parliament. SPÖ falls for the first time below the 10 percent mark.
New OVP leader, new finance minister
New ÖVP leader and vice-chancellor becomes Reinhold Mitterlehner, and new finance minister becomes Hans Jörg Schelling.
The Minister of Finance unexpectedly leaves the government and also resigns from the party leader post in ÖVP. He has opposed demands for a new wealth tax.
Elections to the European Parliament
In the elections to the European Parliament, the government parties receive roughly the same support as in the 2013 parliamentary elections, albeit in reverse order. ÖVP now becomes the largest with 27 percent of the votes with SPÖ receiving 24 percent. FPÖ comes in third place with 20 percent.