Austria Tenders

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Capital Vienna
ISO 3166 Code AT
Population 8,527,230
Area, Sq KM 83,858
Currency Euro
Official Language German
GDP, Billion USD 4,28,322
GDP Growth Rate, % 1.0
Inflation, Avg CP, % Chng .05
Interest Rates, % N/A
Unemployement Rate, % 5
Exchange Rate, 1 USD Equals .88
International dial code 43
Time Zone GMT+01:00
Internet TLD .at

The Republic of Austria or Austria is one of the most historically significant European countries, currently housing a population of 8,579,747 people. It is located in the center of Europe, surrounded by other countries such as Germany, Czechoslovakia, Switzerland and Italy on all sides. Initially, the country of Austria was part of the Holy Roman Empire, under the Hapsburg Dynasty. Since then, the country has been through a number of wars and battles, and formed many alliances, and was in the center of the two World Wars. Till 1955, it was occupied by Germany, after which the Austrian State Treaty declared Austria as a sovereign republic again. Today, Austria consists of 6 federal states, and has its capital in the city of Vienna. In 1955, Austria also became a coveted member of the United Nations, and became part of the European Union in 1995. The standard currency of the country is the Euro. Austria is not only one of the most economically stable countries in Europe, but also one of the richest countries in the world. It has a per capita GDP of $52,216 and a high total GDP of $402,420 billion. Because of the high GDP, it has allowed its citizens to have a high standard of living, and even a comprehensive social market economy. International tourism, along with industrial pursuits comprises the mainstay of the national economy. The OECD average annual growth is 2.5%, whereas, because of Austria’s economic policy and better trade and commerce, the country has seen an annual growth of 3.3%. For several years, Germany was the main trading partner for Austria. However, because of EU membership, export has also become an important part of the economy. One of the main sources of income for Austria is tourism. In fact, the tourism industry is so advanced that it accounts for more than 9% of the total GDP. Most of the firms and industries were nationalized before the war, in the event of a Soviet takeover; however, they were all later privatized, which has led to greater growth. Although some political and economic instability was seen in Austria in the last 5 years, they have managed to keep their general, annual income and economy stable because of the rule of law. The GDP has also grown to a considerable extent, which has ensured that Austria retains its position as one among the top eleven richest countries in the whole world.

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