Austria Business Directory & List of Companies
Austria is a state in Europe, bordered by Switzerland, Liechtenstein, Germany, Czech Republic, Slovakia, Hungary, and Italy.
Its total area is 83 879 sq. km.
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The population reaches 8.859 million (2019). It is world's 94th in terms of population and 112th in terms of territory.
The ethnic composition of the Austrian population is homogeneous, about 98% are German-speaking Austrians. In addition, there are six recognized national minorities: Croats, Slovenes, Czechs, Slovaks, Hungarians, Gypsies (about 300 000 in total).
The official (state) language is German. Austria, within the framework of its historical and cultural heritage, has been a multinational state for centuries (initially as the Austrian Empire, later as Austro-Hungary). It is still not entirely uniformly German-speaking, but within its borders, albeit small ones, its autochthonous minorities have different mother tongues: Hungarian is the most common of the recognized minority languages spoken in Austria (mainly in Burgenland,
where it is the official language, and in Vienna there are about 40,000 speakers, 0.5% of the Austrian population). Slovenian (24,000) has the same status in Carinthia and Styria.
The same is true for Burgenlandic Croatian (19,000), a variant of Croatian spoken in Burgenland. In addition, Czech (18,000), Slovak (10,000) and Roma (6,000) are recognized on the basis of minority protection rights.
Features: Austria is a landlocked country.
The capital city Vienna has 1.897 million people (2019). Five largest cities are: Graz with over 250 000, Linz with 190 000, Salzburg with 145 000, Innsbruck with 120 000, and Klagenfurt with 90 000.
Economy. The GDP volume comprises USD 446 billion (2019), annual GDP growth rate - 12.5% (Q2/20). The gross domestic product based on purchasing power parity (PPP) is USD 476.81 billion.
The Austrian GDP per capita is USD 50655 (2019), annual inflation rate is as low as 1.7% (Jul. 2020). Unemployment rate is measured at 9%, wages comprise 2768 EUR / month or 3276.36 USD / month (2018).
Austria is ranked 27th out of 190 in the World Bank's "Doing Business".
The main sectors of the economy are agriculture and tourism, mining, mechanical engineering, equipment manufacturing,
ferrous and non-ferrous metallurgy, light and food industries. Austria is a leader in the development of information technologies, electronics industry, and robotics.
The country exports raw materials and semi-finished products, timber, ferrous metals, chemical products, and electricity.
The main trade partners of Austria are Germany, Italy, France, Switzerland, countries of Central and Eastern Europe, the USA, and Japan.
Imports to Austria amount to USD 138.6 billion (2016).
Structure of Import
- 13.4% (23 billion USD): 84 - Nuclear reactors, boilers, equipment and mechanical devices; and their parts
- 11.7% (20 billion USD): 87 - Land transport vehicles, other than railway or tram rolling stock, and parts and accessories thereof
- 9.75% (17.2 billion USD): 85 - Electrical machinery and equipment, their parts; sound recording and reproducing equipment, equipment for recording and reproducing television images and sound, their parts and accessories
- 7.79% (13.7 billion USD): 27 - Mineral fuels, oil and products of their distillation; bituminous substances; mineral waxes
- 4.25% (7.5 billion US 500 500 1000: 30 - Pharmaceutical products
- 4.24% (7.49 billion US 500 500 1000: 39 - Plastics and articles thereof
- 3% (5.3 billion US 500 500 1000: 29 - Organic chemicals
- 2.93% (5.18 billion US 500 500 1000: 73 - Items made from iron or steel
- 2.74% (4.84 billion USD): 90 - Optical, photographic, cinematographic, measuring, control, precision, medical or surgical instruments and devices; parts and accessories
- 2.33% (4.12 billion US 500 500 1000: 72 - Ferrous metals
5 largest companies in Austria
- Red Bull is valued at 14.8 billion Euros and is the undisputed leader in the current ranking. It is followed by the Tyrolean concern Swarovski, which is estimated at 3.3 billion Euros. The third is the gaming concern Novomatic, which showed an increase of 8% and reached 2.8 billion Euros compared to 2014. This is the highest growth rate among all branded companies. A retail giant SPAR successfully holds its fourth position. The brand value is 2.1 billion Euros. It is followed by Raiffeisen, Austrian Railways (ÖBB), the Erste Bank group, and the oil concern OMV. An insurance concern Vienna Insu and furniture retailer XXX Lutz (832 million Euro) entered the top 10 for the first time in history.
5 largest banks in Austria
- Raiffeisen Zentralbank, one of the leading banking groups in Austria.
- Schöllerbank, one of the oldest Austrian banks, founded in 1833.
- Steiermaerkische Sparkasse, the largest regional bank in Southern Austria with branches in Italy, Slovenia and Croatia.
- Volksbank AG, founded in 1922.