Austria is a German-speaking nation located in Central Europe. Austria prides itself for being one of the most stable and robust European member states offering its citizen high living standards and well-developed trading markets. Although it is a landlocked country, it provides the perfect environment for investors due to its diverse and healthy economic system characterized by a free market economy. The most significant industries in Austria include construction and building, electronics and electrics, tourism, food and drinks, logistics and transportation, automotive and chemical industries, as well as steel and mechanical engineering.
Construction and Building industries
The construction and building industry plays a crucial role in Austria’s economy with booming infrastructure markets creating a vibrant and diversified platform for new projects. This sector contributes over six percent of the country's gross domestic product. Development in the industry comes from both private and government projects with a high demand for residential properties due to current population growth. The industry covers areas such as organizing projects, production of materials, machines, and engineering tools, services, and civil engineering.
The tourism sector in Austria has been playing a significant role in its economic growth since the 1950s through embracing of modern mass tourism. Moreover, the tourism sector has an expansive character with high levels of employment and sales figures. The country has over 40,000 tourist establishments employing over 200,000 people.
The electronics and electrics industries in Austria have led to an outstanding export ratio of over 69.7 percent. This sector deals in mechatronics, electrical engineering, car electronics, electronic supply industry, automotive suppliers, services and diverse industry, control engineering, electronics wholesales, and plant technicians among others. The electronic industry employs thousands of locals every year. Austria’s electronics sector is popular for its innovativeness, product diversity, research, and know-how.
Food and Drinks
The food economy plays a crucial and integral part of the growth of the country’s GDP contributing 12% to the economy. Austrian groceries enjoy high popularity globally. The country boasts of having high quality modern and traditional resources for handling food productions. Additionally, the innovative manufacturing processes combined with international agricultural trade helps in creating a wide range of food and drinks. The major segments in the Food and drinks industries include food-processing sectors like slaughterhouses and dairy farms; agriculture, and food trade. Additionally, there are brewing companies, non-alcoholic beverage firms, and gastronomy services. The food sector employs over 27,000 people.
Logistics and Transportation
The Austrian logistic, traffic, and transportation sector are booming with the industry reporting growth in employment and productivity. The overland transport includes commuter trains, auto bus, railway, cabs, ships, and air that move cargo and commuters domestically and internationally. Austria has a well constructed and globalized distribution channel for transport of goods through cross-borders and international logistics systems. The various transport and logistics technology standards coupled with efficient innovations, high customer focus, and high technical standard have made Austria rank high in the global transport market.
About the Author
Sharon is a Kenyan native with a wide range of interests. An accountant and financial analyst by profession, Sharon enjoys writing about world facts, the environment, society, politics, and more.
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