Austria Currency

Austria is one of the member countries of European union and for trading within European countries Euro is used as Austria currency. Austria currency is basically a form of money, which includes coins, paper notes, and is issued by the Austrian government. Austria currency is used as a medium of exchange for doing any trading activities.

Impact of Austria currency in the market of economy

Austria maintains a stable and well built up economy and Austria currency plays a big role for the growth of their economical structure. Austrian schilling (ATS) and Euro(EUR) are the two types used as Austria currency.

Austria is a member country of European Union and that is why the people of Austria is using Euro as the medium of exchange for processing business transaction between the member countries within European Union. Internally, i.e., withing the country Austrian schilling(ATS) are used as the medium of exchange for any business transaction.

History of Austria currency

Since 1st January 1999, Euro was introduced as a medium of exchange for monetary transaction between the member countries of European Union and from the year 2002, Euro started replacing the local currency of Republic of Austria. One Euro is equal to 13.7603 Austrian shillings.

Present market scenario of Austria currency

Initially, Austrian economy was closely tied with the economy of Germany. Day by day Austria is trying to become an economically independent nations. From the day of inception as a member of European Union and for maintaining a close proximity with the EU economics, foreign investors are being attracted towards the economical market of Austria.

Gross Domestic Product(GDP): The GDP growth rate was 3.1% in 2000 est. The GDP segmentation are as follows:

In agricultural sector it was 2.2%, in industry it was 30.4%.

The inflation rate was 2% in 2000 est.

Austria currency codes are ATS(Austrian schilling) and EUR(Euro)

Some exchange rates

In January 2001, it was 1.0659 euro per one US Dollar, it was 1.0854 euro in the year 2000, and it was 0.9386 euro per US Dollar. It was 11.86 Schillings per one US Dollar in the year 1999.