Culture Shock! Austria - A Survival Guide to Customs and Etiquette

236 CultureShock! Austria

private competition and prices

have fallen. Portions of other

publicly-owned firms such as

banks, Austria Tabak and the

Vienna Airport have been sold.

Not all have gone smoothly

and there has been some

resistance, but the programme is

moving forward.

Austria’s economy is considered to be among the top

economies within the EU. Key economic indicators like

unemployment and inflation are better than those found in

the rest of Europe. The country has been enjoying steady

growth, around 1 to 2 per cent. Export-oriented industries

and construction drive economic growth.

ECONOMIC SECTORS

Industry

Industry and mining together account for about 35 per cent of

GDP. The main industries in Austria are foodstuffs, beverages,

tobacco, mechanical and steel engineering, electronic

products, chemicals and plastics, transportation equipment,

construction and textiles. In general, most manufacturing

outfits are small. The few exceptions include iron and steel

plants in Linz and Styria, which produce enough material for

The Schwechat refi nery meets almost all of Austria’s oil and gas needs.

Traditionally, monopolies and
oligopolies ran the economy.
Various associations and
chambers made decisions
instead of letting them fall to
the ‘free hand’ of the market.
For example, The Association
of Pharmacists decide when
and where a new pharmacy
is needed.