Impact of Austria currency in the market of economyAustria 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 currencySince 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 currencyInitially, 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)