Located in central Europe, Austria is a landlocked democratic republic with nine federal states. The capital and
in Austria is Vienna (Wien), with a population of approximately 1.8 million inhabitants, followed by Graz and Linz. Austria has a
of around 8.8 million inhabitants, a number which has been increasing steadily and is estimated to grow above nine million by 2023.
Living standards
With a moderately low
fertility rate and rather high
life expectancy, the
median age of the population is one of the highest worldwide. Austria has a high standard of living – it is ranked among the leading countries on the
Human Development Index, an important indicator in estimating the standard of living which takes parameters like fertility rates, life expectancy and literary rates of a country into account. Additionally, Vienna is often ranked as one of the cities with the highest standard and
quality of living.
Economy
Despite reporting a
trade deficit and a
budget deficit in most years, Austria can be considered a wealthy country. Except for slumps due to the Eurozone Crisis and Covid pandemic,
GDP per capita in Austria has been increasing rapidly, and is estimated to increase even further until 2026. Austria is among the top 15
nations with the largest gross domestic product per capita worldwide. While
Austria’s GDP is forecast to increase significantly after a corresponding slump in 2015 and 2016, its
unemployment rate is still among the
lowest in the European Union, considerably below the European average of 6.9 percent. With these stable and robust economic indicators, along with its neighbors in the
DACH region, Austria is one of the more successful economies in the European Union.
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