Austria: Country and Foreign Investment
Austria covers approximately 75% of the eastern Alps. It has borders with Germany, Liechtenstein, Switzerland, Italy, Slovenia, Hungary, Slovakia and the Czech Republic. It has a population of around 8.3m people; German is the official language.
Austria’s economy until the recession was very stable and enjoyed steady growth: 3.5% in 2007, 2% in 2008, but a contraction of –3.9% in 2009. Since then steady growth has returned with 2% in 2010 and 3% in 2011. Austria has a large service sector with more than 67% of the workforce employed in this field. Approximately 27% work in the industry sector and less than 5% in the small but highly developed agricultural sector.
Corporate income tax is 25% and has been at this level for a number of years. The highest personal income tax rate is 50%.