ECONOMIC CENTER OF AUSTRIA AND EU-TOP REGION
45% of Austria's Gross Domestic Product
Austria joined the European Union on 1 January 1995. With the EU’s enlargement on 1 May 2004 the VIENNA REGION - including the three federal states Vienna, Lower Austria and Burgenland - now lies at the centre of the new Europe and thus, of a market of more than 512 million people.
The central geographical location, its focus on advanced technologies and its top-ranked quality of life are three of the factors which catapult the VIENNA REGION into its ranking as Central Europe's leading economic region and as one of the EU's foremost economic areas. 45 percent of Austria's gross domestic product is generated in the VIENNA REGION.
A Look at Each Federal State:
As the capital of Austria, Vienna has the highest gross regional product of all Austrian federal provinces (GRP per capita 47,200 EUR). The economic structure is marked by a strong trend towards the service sector, a high number of business-related services, banking and insurance companies as well as international organisations and enterprises. The industry is currently characterised by the increasingly successful development of new technologies, for example life sciences, energy and environment, mobility, information and communication (ICT) and creative industries.
Both, the strong manufacturing tradition of Lower Austria, (especially in steel and metal processing and in the chemical industry) and the flexibility of its entrepreneurs have enabled the region to profit markedly from the opening of Eastern Europe.
Compared to the rest of Austria, the service sector has a modestly developed share of the gross regional product of Burgenland. The industry is particularly based on food and beverage production, textiles and wood processing. During recent years the state has undergone change towards technology and tourism with the help of European structural programmes.