Austria - Statistics & Facts

Located in central Europe, Austria is a landlocked democratic republic with nine federal states. The capital and largest city in Austria is Vienna (Wien), with a population of approximately 1.8 million inhabitants, followed by Graz and Linz. Austria has an total population of around 8.8 million inhabitants, a number which has been increasing steadily and is estimated to grow even further through 2020. With a moderately low fertility rate and rather high life expectancy, the median age of the population is one of the highest worldwide. Austria has a high standard of living – it is ranked among the leading countries on the Human Development Index, an important indicator in estimating the standard of living which takes parameters like fertility rates, life expectancy and literary rates of a country into account. Additionally, Vienna was ranked as one of the cities with the highest standard and quality of living in 2010.

Despite reporting a trade deficit and a budget deficit for the past years, Austria can be considered a wealthy country. Except for a slump due to the Eurozone Crisis, GDP per capita in Austria has been increasing rapidly and is estimated to increase even further until 2022. Austria is among the nations with the largest gross domestic product per capita worldwide. While Austria’s GDP is forecast to increase significantly after a corresponding slump in 2015 and 2016, its unemployment rate is still one of the lowest in the European Union, considerably below the European average of 7.3 percent. It is currently fluctuating between 5 and 6 percent, but predicted to remain steady over the next few years. With these stable and robust economic indicators, Austria is one of the more successful economies in the European Union.

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