The World Factbook about Austria Austria, a member of the European Union since 1 January 1995, has a well-developed market economy with a high standard of living. Austria's entry into the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market. Cuts mainly affect the civil service and Austria's generous social system, the two major causes of the government deficit. To meet increased competition from both the EU and Central European countries, Austria will need to emphasize knowledge-based sectors of the economy and deregulate the service sector, particularly telecommunications and the energy sector.
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