Economy
Though comparatively small, the Austrian economy is highly globalized and resilient. The World Bank (2012) ranked the country’s nearly US$400 billion gross domestic product (GDP) twenty-seventh globally. Austria’s economy ranked fifteenth out of 142 countries studied on the Legatum Institute’s Economy Sub-Index (2013).
The Austrian economy recovered quickly from the global financial crisis and continues to support high levels of prosperity. Openness to global trade and investment is firmly institutionalized and supported by a relatively efficient entrepreneurial framework. Austria has a strong tradition of reliable property rights protection, and the legal system is transparent and evenly applied. Effective anti-corruption measures also are in place.
Austria’s imports fell by about 1 percent in 2013 to US$174 B and exports grew nearly 2 percent to US$169 B.
GDP is forecast to grow at 1.4 percent this year. Austria’s unemployment rate of about 5.2 percent is low, compared with the rest of the world, and the Inflation rate this year is expected to rise just 1.8 percent.
Finding a Job
With a relatively low unemployment rate compared with global averages, Austria’s labor market is better than most other European Union countries. You will need knowledge of German to work in Austria, though.
Employers in Austria look for graduates with specific degrees, although a relevant specialist qualification or work experience will improve your chances of finding a good job.
Major industries in the country are manufacturing, wholesale and retail trade, real estate, commerce and service industries, construction, healthcare, tourism and communications.
Recent growth areas you may want to look at if you are qualified are electronics and electrical engineering, information technology, wholesale and retail trade, healthcare, social work and construction. The occupations with the greatest shortages of qualified people are looking for those skilled in the interface between business and technology and a variety of skilled manual workers in all fields.
As with any country, you need to prepare yourself well for both cultural and business integration and, of course, learn the local language.
Austria’s major cities offer the best job opportunities. Job search strategies you can use in Austria are similar to the U.S. Industry associations are an excellent way to find out about international opportunities in your field. Check job listings in local newspapers, Craigslist and both global and local online employment sites. Be sure to send unsolicited applications to targeted employers and contact temporary work or staffing agencies online or onsite. Most importantly, check out local online forums and bulletin boards in the area you have chosen. Locals, also, can be a great source of opportunities.
To get you started, here is a list of websites that may help you in your job search:
Linked In
Indeed
Starting a Business
Austria’s main strengths are its economic, political and labor stability; its highly skilled workforce; a high standard of living; excellent personal security; and, the strength of its business ties with Central and Eastern Europe. Its economy is also well integrated into the European Union and globally.
The World Bank in 2014 ranked Austria one hundred-thirty-eighth out of 185 countries on its Ease of Starting a Business Index and thirtieth on its Ease of Doing Business Index. Enforcing contracts and trading across borders were the two areas where the country did best in the World Bank study.
For an excellent, detailed overview of business opportunities in Austria, visit the export.gov website and download the Country Commercial Guide for Austria, which is prepared annually at U.S. embassies through the combined efforts of several U.S. government agencies. The guide presents a comprehensive analysis of Austria’s commercial environment from economic, political and market analyses.
To help you start and manage a business in Austria, the World Bank offers this step-by-step guide and detailed report.
For start-up assistance, initial investment and venture capital you also may find the St. Pölten website helpful.