Austria
The light green area is the rest of the European Union
Austria was the 26th largest economy in the world by nominal GDP in 2018. GDP per capita is $51,513, which is above the average for high income and OECD countries. It is ranked 12th in the World Bank's Human Capital Index. Austria has traditionally had strong economic ties with Germany, but EU membership has led to increased trade with other members. Since the expansion of the EU to former eastern bloc countries, Austria has become an economic bridge between Western and Eastern Europe. It is a member of the EU and OECD. Services was the largest economic sector in 2018 (62.7 percent of GDP), followed by manufacturing (16.6 percent), and agriculture (1.7 percent). In 2017, the largest export sectors were services (29 percent), machinery (15.25 percent), chemicals (11.09 percent), and agriculture (10.3 percent). The largest individual exports were ICT services (11.98 percent), travel and tourism (8.9 percent), transport services (6.9 percent), cars (2.4 percent), and medicaments (2.4 percent). Its largest export partners were Germany (29 percent), USA (6.7 percent), Italy (6.4 percent), Switzerland (5.11 percent), and France (4.7 percent). The largest goods imports were cars (6 percent), car parts (2.5 percent), refined petroleum (2.3 percent), and crude oil (1.64 percent). The economy recovered quickly after World War Two with aid from the Marshall Plan and the nationalisation of key industries. In 1955, the country regained autonomy with the allies withdrawing, including the Soviets. The economy grew rapidly between 1955 up until the first oil shock in 1974. In the 1990s new opportunities emerged as Central and Eastern Europe opened up, some SOEs were privatised, and Austria joined the EU. Growth was strong during the 2000s and has recovered post the global financial crisis with strong domestic growth, increased labour force participation, and migration. The economy is also benefitting from recent structural reforms in public finances, taxation, the labour market, and education.