👉Austria Economy Report   The Gateway to Eastern Europe
Channel: GeoStar TV
Date: 2020-03-28

👉Austria Economy Report : The Gateway to Eastern Europe
Austria is maybe one of the most self-critical and conservative countries. Once it tried to grasp for power, but this just ended in losing two wars and barely making it survive as a country. So many Austrians are very much inwards oriented.
Economically, Austria has been doing exceptionally well for some two decades, in the 90s and early 2000s. It managed to become more prosperous than Germany in GDP per capita terms, which is a big accomplishment for Austria. It had the lowest unemployment rate in Europe and so on.
Austria has not been doing quite as well for the last decade or so. Unemployment has been rising, and the GDP growth was lackluster for a while now.
It's too early to say if this is just an episode or a new trend for the next 20 years.
According to statistical data provided by the European Commission, Austria is in the top positions in terms of productivity at work in the EU-28. The level of industrial productivity has also traditionally been high.

Austria offers very favorable tax conditions for businesses: a fixed corporate income tax rate of 25% and a group tax system (advantageous for headquarters with a holding structure).

Austria, thanks to both its geographical position and the intensity of its historical ties, boasts excellent relations with Central-Eastern Europe, a region in which it is among the major foreign investors, constituting - especially Vienna - also a highly appreciated hub for foreign companies that want to expand in that area.
Austria ranks among the richest countries in the European Union. According to Eurostat data (2018), it ranks fourth in terms of per capita GDP at purchasing power parity.
Austria has not only traditionally enjoyed excellent political and social stability, but also boasts a low crime rate and conditions of high stability in energy supplies.
Austria’s small and mid-sized industry depends on the German market; they have the role of component/supplier industry. Austria’s home market is too small; East Europe is from the economic structure, still too weak. 
Here are some examples of globally-known Austrian companies:
RedBull (marketing company which happens to produce energy drinks).
Erste Group (bank).
OMV (oil and gas company).
voestalpine (steel company).
Strabag (building company).
Spar (retail).
Rewe (retail).
Magna (automotive supplier).
Novomatic (gambling).

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