Key facts * Currency: the €uro * GDP (nominal): $417.4 billion (2017 est) GDP per capita: ppp $50,000 (2017 est) * Unemployment: 8.4% (Sept 2020) * Inflation: 1.5% (Sept 2020) Austria is one of the 12 richest countries in the world in terms of GDP per capita. It has a well developed social market economy and a high standard of living. Until the 1980s, many of Austria's largest industry firms were nationalised. In recent years, however, privatisation has reduced state holdings to a level comparable to other European economies. In addition to a widely diversified industry, international tourism especially skiing, is the most important part of the national economy. Industries – construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment. Exports – machinery and equipment, motor vehicles and parts, paper and paperboard, metal goods, chemicals, iron and steel, textiles, foodstuffs. Exports to Germany 29.4%, US 6.3%, Italy 6.3, Switzerland 5.1%, France 4.8%, (2017 data).
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