Business Profile
Economy: Austria is one of the most prosperous countries in the world. Manufacturing, including mining, accounts for nearly 30 per cent of GDP. Since World War II, much of the country’s industrial capacity has been in state hands and has only recently been removed from under the protective wing of the state holding company – OIAG. Iron and steel, chemicals, metalworking and engineering all fall into this category. Agriculture has proved equally successful with domestic products meeting 90 per cent of the country’s food needs. Crops include sugar beet, potatoes, grain, grapes, tobacco, flax, hemp and wine. Austria has moderate deposits of iron, lignite, magnesium, lead, copper, salt, zinc and silver. Although there are some oil reserves and an extensive hydroelectric programme, Austria must import the bulk of its energy requirements. Austria was a member of the European Free Trade Association (EFTA) until joining the EU on 1 January 1995. This may be seen as a natural development from Austria’s recent export patterns: Germany is Austria’s largest trading partner by a considerable margin, followed by Italy, France and the UK and, outside the EU, Switzerland. Overall, the EU now accounts for around two-thirds of total Austrian trade. The previously substantial trade with both the USA and the former USSR has fallen as a proportion of the total in recent years. After implementing austerity measures to cut government spending, Austria was able to meet the criteria for membership of the single European currency and joined it upon its inception at the beginning of 1999. Since then, however, the economy has been at best sluggish and, by 2002, was in recession.
Business: Austrians are quite formal in their business dealings. A working knowledge of German will be very advantageous. Best times to visit are the spring and autumn months. Office hours: Mon-Fri 0800-1230 and 1330-1730.
Commercial Information: The following organisation can offer advice: Wirtschaftskammer Österreich (Austrian Federal Economic Chamber), Wiednerhauptstrasse 63, 1045, Vienna (tel: (1) 501 050 4226; fax: (1) 5010 5255; e-mail: callcenter@wko.at; website: www.wko.at).
Conferences/Conventions: Austria has 31 conference venues, including over 20 in Vienna and a floating conference centre, the MS Mozart, on the river Danube. The provincial capitals of Salzburg, Innsbruck, Graz, Linz, Bregenz, Klagenfurt and Eisenstadt also offer convention venues, as do several health and spa resorts. Furthermore there are around 70 hotels in Austria which specialise in the conference/convention field. For more detailed information, contact the Austrian National Tourist Office (see Contact Addresses section).
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