Introduction
People who would like to know the fact about Austria, should at first know about the economical growth of Austria. The Austrian economy is a highly developed economy primarily based on transportation, banking, and commercial sectors. The other fact about Austria is that the structure of it's economy is closely associated with the economic structure of Germany. Austria, as being a member of European Union, has a strong relationship with other member countries of EU(European Union).
Fact about Austria in respect of present economic scenario
Austria has a well structured economy primarily based on some industries like banking, oil and refinaries, insurance, firms and other commercial sectors. Austrian Government is trying to strengthen it's economy through privatizations, specially in service sectors. They are also trying to maintain a competitive global market in cooperation with other member countries of European Union. In today's global competitive business secenario, privatization of some essential sectors can boost the Austrian economy to attain a high standard. Not only this, to compete with the member countries of EU, Austria should continue this process of reconstruction of it's economy.
Fact about Austria in respect of Agriculture and allied services
Some major portion of Austria is encompassed with rocky mountains, which hardened the tasks of farmars to produce agricultural products. One fact about Austria is that it is a part of Common Agricultural Policy (CAP) and as a result of that, it is getting assistance to improve it's agricultural production level. One of the other fact about Austria is labour support, which is definitely a deciding factor for the economic growth of this country. A fair number of labours assembled through Austria Trade Union and their positive participation facilitate the growth of Austrian economy.
Present economic scenario
Austria is maintaining a well build, statble and independent economy with one percent GDP(Gross Domestic Product)growth in 2002. Their economic dependence on Germany is reducing day by day, as it is a strong member of European Union and as a result of that unemployment, and inflation is lowering day by day.
