Austria: Country and Foreign Investment
Economy and Currency
Austria’s close economic ties with Germany meant that the credit crunch had serious effects on the country and the economy grew by 3% in 2011. A subsidised reduced working hour scheme, enabling companies to retain employees during the economic downturn, resulted in a slower rise in unemployment compared to most other European countries and is at just over 4%.
The Federal States have declared themselves to be against a local income tax to generate more funds, but are strongly in favour of a worldwide tax on financial transactions.
Around 70% of the country’s workforce is employed in the service and tourism sector.
The currency is the Euro (EUR).