Austria Economy

Work 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 work in Austria 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.

Most visits to Austria are trouble-free but you should be aware of the risk of indiscriminate terrorist attacks, which could be against civilian targets, including places frequented by expatriates and foreign travelers like restaurants, hotels, clubs and shopping areas. In recent years, the Austrian authorities have carried out a number of investigations and operations against terrorist networks.
You should exercise a high level of security awareness and monitor local news broadcasts and consular messages. Making local contacts quickly and seeking support from other expatriates will greatly increase your comfort and safety

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 banknotesCurrency: 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.

Traveler's Cheques: These are widely accepted. To avoid additional exchange rate charges, travellers are advised to take traveler'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 obtain your Austria visa with Austria work permit too. So, if your Austria cover letter and Austria CV are ready, you may email them to your future employers & job recruiters and start preparing for Austria job interview.

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Good luck with the Austria economy info!