Living standards
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.Economy
Despite reporting a trade deficit and a budget deficit in most years, Austria can be considered a wealthy country. Except for slumps due to the Eurozone Crisis and Covid pandemic, GDP per capita in Austria has been increasing rapidly, and is estimated to increase even further until 2026. Austria is among the top 15 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 among the lowest in the European Union, considerably below the European average of 6.9 percent. With these stable and robust economic indicators, along with its neighbors in the DACH region, Austria is one of the more successful economies in the European Union.
