Accountancy in Austria

Country overview

Austria is around 84.000 square km and consists of nine federal states. Vienna is simultaneously a federal state and the capital of Austria. Austria is a parliamentary democracy. The Austrian Constitution is based on the rule of law and republican, democratic and federal principles. Austria is a neutral country. The electoral system is based on proportional representation, therefore absolute majorities are difficult to achieve. The population is approximately 8 million people, most of them Roman Catholics. The language is German.

Economic overview

Austria is a member of the European Union (EU), which comprises 28-member states. Austria has joined the “Eurozone” in which a common currency, the Euro (€) is used. Austria has a high proportion of small and medium sized enterprises. These numerous and flexible enterprises are an important element of the Austrian economy. Austria is also a leading location for businesses wishing to expand into Eastern and South-eastern Europe. More than 1,000 multinational companies coordinate their operations in this region from an Austrian base.

Some more key figures (2012):

  • Workforce of about 4.1 million people,
  • Level of unemployment 4.3 %,
  • Gross Domestic Product per capita € 36,640,
  • Consumer Price Index plus 2,4%.

Transport infrastructure

Austria has a good motorway and rail network. The Vienna International Airport is the leading transportation hub for flights to the Central and East European markets. Besides this there are several national airports, in Linz, Salzburg, Graz, Innsbruck and Klagenfurt.


Latest version updated 13th October 2017

Country Breakdown

8.747

Million

Population

Euro

Currency

$ 386.4

Billion

GDP

83,879

km2