Austria Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in austria, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Market Overview
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Market Overview

Key Facts (2024):
Population:                 9.04 million
Language:                  German
GDP (per capita):      $535.8 billion ($58,670)  
GDP growth:              -1.0% (2025 projection: -0.3%) 
Inflation (CPI):            2.9% (2025 projection: 2.7%) 
Unemployment:         7.0% (2025 projection: 7.3%) 
Currency:                     Euro 
Sources:  Statistik Austria , WIFO Konjunkturprognose 2/2025, IMF 4/2025 
Exchange rate: 2024 avg. Euro 1:US$ 1.07

Austria is a wealthy, mid-sized Central European market, with the 8th highest GDP per capita in the EU (it falls between Denmark and Belgium) and the 29th highest GDP worldwide (landing between Israel and Singapore). Its economy is diversified and highly international, with a manufacturing sector that accounts for around 16% of GDP. Historic unemployment rates are modest, social stability is strong, and democracy and the rule of law are firmly established. Vienna, Austria’s capital city, regularly places at the top of world quality-of-life rankings. 

Austria shares a border with Germany and the Czech Republic to the north, Switzerland and Lichtenstein to the west, Italy and Slovenia to the south, and Hungary and Slovakia to the east. Germany is by far Austria’s largest trading partner, accounting for 32% of all imports and 28% of all exports in 2023. Germany is also Austria’s largest source of foreign direct investment and the largest target for outbound FDI. 

In 2024, Austria charted a second successive year of economic recession. Austria’s GDP is estimated to have contracted by 0.6% in 2024, following a 0.8% decline in 2023. The latest estimates predict an additional contraction of 0.3% in 2025. This ongoing weakness is a reflection of five primary factors: 1) higher energy prices after Russia’s invasion of Ukraine, 2) high single-digit inflation in 2022 and 2023, provoking 3) interest rate increases employed to control it, which 4) slowed investment in real estate and capital goods in 2023 and 2024, as well as 5) a slump in demand from Austria’s largest trading partner, Germany, which is also showing economic weakness.    

In keeping with this environment, 2024 was a challenging year for the country’s trade in goods. Imports fell by 6.7% compared to 2023, while exports fell by 4.9% over the same period. As a result, Austria had a positive trade balance for the first time since 2007. The 2023 numbers were mixed, with imports falling 6.3% while exports rose by 3%.  

The three largest sources of imports into Austria are Germany, China, and Italy (the United States is ranked 5th), while the top export destinations are Germany, the United States, and Italy. The United States and Austria share a robust and long-standing bilateral economic relationship that has been growing in importance for Austria. In 2024, the U.S. was Austria’s third-largest overall trading partner after neighbors Germany and Italy, and its second largest export destination. Total two-way goods and services trade between Austria and the United States was $22 billion in 2024, down from $28.8 billion in 2023. The U.S. trade deficit with Austria was $12.8 billion in 2024, down slightly from $13.4 billion in 2023.   

According to the U.S. Bureau for Economic Analysis, U.S. exports of goods and services to Austria were down 10.2% in 2024, to $6.9 billion. With respect to goods exports, there was a 19% fall from $5.56 to $4.5 billion. U.S. goods and services imports from Austria fell to $19.7 billion, down 6.6% from 2023. Goods imports alone fell 8.3% to $17.7 billion. These results reflect the general weakness of the Austrian economy matched with comparatively strong 2024 GDP growth in the United States.  
Most U.S. exports to Austria fall into one of five categories: pharmaceutical products, organic chemicals, medical and optical products, machines and parts (including data processing equipment), and electric machinery. Services account for around 22% of the export total, led by financial services. Austria’s major exports to the United States are vehicles and engines, machines and parts, pharmaceuticals, and beverages.

Foreign direct investment continues to be a driving force in the bilateral economic relationship, contributing significantly to trade flows in both directions. Over the past three years, Austria has remained one of the 10 fastest growing sources of U.S. foreign direct investment, and the U.S. ranks as Austria’s fourth-largest investor source country. In 2024, the last year for which figures are available, Austria’s direct investment position into the United States was $25.7 billion, an increase of 11% from 2023. 

This supports around 42,900 U.S. jobs, primarily in the industrial equipment, plastics, metals, energy, medical equipment, transportation, software, and electronic component industries. According to the U.S. Bureau of Economic Analysis (BEA), the U.S. direct investment position in Austria was $6.1 billion in 2023, an increase from $5.4% from 2022.

Political and Economic Environment

Visit State Department’s website for background on the country’s political and economic environment.  https://www.state.gov/countries-areas/austria/

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