Austria Economy

Austria Economy for Job Seekers

Working abroad sounds like an adventure to many people. Job search in Austria requires more than just the obvious Austria CV writing and translation. It requires thorough preparation. You will experience problems that did not even came to your mind when you decided to get an overseas employment.

Do not underestimate the big impact they can have on the result of your adventure! For instance, you will experience the different immigration rules and practices, job application procedures, the selection trends and the management culture.

art_warning Austria EconomyMost visits to Austria are trouble-free but you should be aware of the global risk of indiscriminate international terrorist attacks, which could be against civilian targets, including places frequented by foreigners.

Austria economy - overview: Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany's. The Austrian economy also benefits greatly from strong commercial relations, especially in the banking and insurance sectors, with central, eastern, and southeastern Europe. The economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector.

Membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to EU aspirant economies. Boosted by strong exports, growth nevertheless reached 3.3% in both 2006 and 2007, although the economy slow down in 2008 because of the strong euro, high oil prices and problems in international financial markets. To meet increased competition from both EU and Central European countries, Austria will need to emphasize knowledge-based sectors of the economy, continue to deregulate the service sector, and lower its tax burden. A key issue is the encouragement of much greater participation in the labor market by its ageing population.

Labor force - by occupation: agriculture 3%, industry 27%, services 70% (2005 est.)

Unemployment rate: 4.4% (2007 est.), 5.4% (2011 est.)

Inflation rate (consumer prices): 3.3% (2011 est.)

Natural resources: iron ore, oil, timber, magnetite, lead, coal, lignite, copper, hydro-power

Industries: construction, machinery, vehicles and parts, food, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism

euro_banknotes in AustriaCurrency: Euro (EUR; symbol €) = 100 cents. Notes are in denominations of €500, 200, 100, 50, 20, 10 and 5. Coins are in denominations of €2, 1 and 50, 20, 10, 5, 2 and 1 cents

Credit/Debit Cards and ATMs: Major credit cards are accepted in large cities. However, some smaller hotels may require bills to be paid in cash.

Traveller's Cheques: These are widely accepted. To avoid additional exchange rate charges, travellers are advised to take traveller's cheques in a major currency (Euros, US Dollars, Pounds Sterling).

Exchange rates: Euros (EUR) per US dollar - 0.7107 (2011 est.), 0.755 (2010 est.), 0.7198 (2009 est.), 0.6827 (2008 est.), 0.7345 (2007), 0.7964 (2006), 0.8041 (2005), 0.8054 (2004), 0.886 (2003), 1.06 (2002), 1.12 (2001), 1.09 (2000), 0.94 (1999)

Other Austria Economy Info

We hope that your Austria job search has been successful and you will get Austria visa too. So, if your Austria cover letter and Austrian CV are ready, you may distribute them to your prospective employers and start preparing for an Austria job interview.

In addition, on the international info, job search, visa, work permit, cover letter, CV & resume, job interview and dress code pages you will find many useful tips for overseas job seekers.

Good luck with the Austria economy info!

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