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Austrian Economy

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Posted by Your Guide on May 17, 2006 7:44 PM

Austrians have a high standard of living, and this is mostly due to their well-developed economy. Previous to the 1980s, all major industries in Austria were owned by the government; however, recent years have allowed the development of private holdings which has helped to strengthen the economy even further. Labor movements are also very strong in Austria.

Historically, Germany had been Austria’s primary trading partner; however, this caused any slow economic growth in Germany and any rapid changes in German rates to affect Austria. However, since Austria’s entrance into the European Union, its economic dependence on Germany has been lessoned, and its ability to benefit from foreign investors has helped it to grow.



Next Page: The Demographics of Austria

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