Austria was defeated in World War I and reduced to a small republic. It was annexed by Nazi Germany in 1938, and occupied by the victorious Allies in 1945. A State Treaty signed in 1955 ended the occupation, recognized Austria's independence, and forbade unification with Germany.
A constitutional law that same year declared the country's "perpetual neutrality" as a condition for Soviet military withdrawal. Following the Soviet Union's collapse in 1991 and Austria's entry into the European Union in 1995, some Austrians have called into question this neutrality. A prosperous, democratic country,
Austria entered the European Union in 1995 and the Economic and Monetary Union in 1999.
It is strategically located at the crossroads of central Europe with many easily traversable Alpine passes and valleys.
Facts and Figures
National Name
:
Republic of Austria / Austria / Republik Österreich
Size
:
Total surface area 83,870 sq km
Population
:
8,184,691
Capital
:
Vienna
Largest Cities
:
Graz, Linz, Salzburg, Innsbruck, Klagenfurt
Main Religion
:
Roman Catholic
Monetary Unit
:
Euro
Climate
:
Transitional, between Maritime and Continental
Economy
Austria has a well-developed market economy and a high standard of living, and is closely tied to other EU economies, especially that of Germany. The economy features up-to-date industrial and agricultural sectors. Timber is a key industry, 47% of the land area being forested.
Membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the new EU economies. Slow growth in Europe held the economy to 0.7% growth in 2001, 1.4% in 2002, 0.8% in 2003, and 1.9% in 2004.
To meet with increased competition from both EU and Central European countries, particularly the new EU members, Austria needs to emphasize knowledge-based sectors of the economy, to continue deregulating the service sector, and to encourage its aging population to participate more in the labor market. The aging phenomenon, together with already high health and pension costs, poses fundamental problems in tax and welfare policies.
Industries
Construction, machinery, vehicles and parts, food, metals, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism.
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