page_title: Vienna
section_title: Economy
hierarchical_section_title: Vienna / Economy
caption_attribution_description: Deutsch: Das Austria Center Vienna (ACV) vom DC Tower aus betrachtet, beziehungsweise die Südwestansicht des ACV. Im Hintergrund links der Saturn Tower und rechts das Vienna International Centre.
context_page_description: Vienna, Czech: Vídeň, is the national capital, largest city, and one of nine states of Austria. Vienna is Austria's most populous city, with about 1.9 million inhabitants, and its cultural, economic, and political center. It is the 6th-largest city by population within city limits in the European Union.
  Until the beginning of the 20th century, Vienna was the largest German-speaking city in the world, and before the splitting of the Austro-Hungarian Empire in World War I, the city had 2 million inhabitants. Today, it is the second-largest German-speaking city after Berlin. Vienna is host to many major international organizations, including the United Nations, OPEC and the OSCE. The city is located in the eastern part of Austria and is close to the borders of the Czech Republic, Slovakia and Hungary. These regions work together in a European Centrope border region. Along with nearby Bratislava, Vienna forms a metropolitan region with 3 million inhabitants. In 2001, the city center was designated a UNESCO World Heritage Site. In July 2017 it was moved to the list of World Heritage in Danger.
context_section_description: Vienna is one of the wealthiest regions in the European Union: Its gross regional product of EUR 47,200 per capita constituted 25.7% of Austria's GDP in 2013. It amounts to 159% of the EU average. The city improved its position from 2012 on the ranking of the most economically powerful cities reaching number nine on the listing in 2015.
  With a share of 85.5% in gross value added, the service sector is Vienna's most important economic sector. Industry and commerce have a share of 14.5% in gross value added, the primary sector (agriculture) has a share of 0.07% and therefore plays a minor role in the local added value. However, the cultivation and production of wines within the city borders have a high socio-cultural value. The most important business sectors are trade (14.7% of added value in Vienna), scientific and technological services, real estate and housing activities as well as manufacturing of goods. In 2012, Vienna's contribution in Austria's outgoing and incoming foreign direct investments was of about 60%, which demonstrates Vienna's role as an international hub for domestic and foreign companies.
  Since the fall of the Iron Curtain in 1989, Vienna has expanded its position as gateway to Eastern Europe: 300 international companies have their Eastern European headquarters in Vienna and its environs. Among them are Hewlett Packard, Henkel, Baxalta and Siemens. Companies in Vienna have extensive contacts and competences in business with Eastern Europe due to the city's historical role as center of the Habsburg Empire. The number of international businesses in Vienna is still growing: In 2014 159 and in 2015 175 international firms established offices in Vienna.
  Altogether, approximately 8,300 new companies have been founded in Vienna every year since 2004. The majority of these companies are operating in fields of industry-oriented services, wholesale trade as well as information and communications technologies and new media. Vienna makes effort to establish itself as a start-up hub. Since 2012, the city hosts the annual Pioneers Festival, the largest start-up event in Central Europe with 2,500 international participants taking place at Hofburg Palace. Tech Cocktail, an online portal for the start-up scene, has ranked Vienna sixth among the top ten start-up cities worldwide.
caption: Austria Center Vienna (ACV)
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