Austria’s Economy by the Numbers: GDP, Income, and Global Rank

Austria is a wealthy, stable, high-income economy with a robust social model.

Key 2023 Figures

• Nominal GDP: €480 billion (≈ $520 billion)
• World Rank: 17th largest
• GDP per Capita: €55,860 (≈ $60,500) – 14th globally
• Population: ~9.1 million

Structural Strengths

• Industrial base: Machinery, vehicles, chemicals, steel (Voestalpine).
• Services: Tourism (Alps, Vienna), finance, logistics.
• Innovation: R&D spending ~3.2% GDP (EU target: 3%).
• Social partnership: Strong unions, chambers, consensus policymaking.

Social Outcomes

• Universal healthcare, tuition-free university.
• Low inequality (Gini ~0.27 post-tax).
• High life expectancy (81.5 years).

Challenges

• Aging population, labor shortages.
• Energy transition (Russian gas dependence reduced).
• Fiscal rules vs. investment needs.

Austria blends market dynamism with social cohesion—a “coordinated market economy” success story.