Austria Heart of Europe, It share their borders with Austria. Switzerland, Liechtenstein, Germany, the Czech Republic, Slovakia, Hungary, Slovenia and Italy are Austria’s neighbors and their proximity contributes to Austria’s own cultural diversity.
This not only create more opportunites for people thinking of settling in Austria, but also a great learning experience as you can experience culture and insights on other eight European countries with close proximity with Austria
The Austrian economy: One of the best performers in the euro area
Austria’s gross domestic product (GDP) of $431 billion in 2018 represented year-on-year real growth of 2.7 percent, significantly better than the European Union (EU) average of 1.9 percent and the strongest growth the country has recorded since 2011. “Austria has had growth rates above the EU as a whole and the eurozone for a number of years now,” says Ewald Nowotny, who retires from his position as governor of the Austrian central bank, Oesterreichische Nationalbank (OeNB), this month.
“Austria has had growth rates above the EU as a whole and the eurozone for a number of years now.” – Ewald Nowotny, Outgoing Governor, Oesterreichische Nationalbank
Future Of Austrian Economy
Risk of recession decreased, Post covid Inflation peak passed
- Moderate recovery in Austria after mild recession at turn of 2022/23
- Relatively stable labor market despite weak economy
- Only slow decline in inflation
- Turnaround in monetary policy expected in 2024, after tightening into spring 2023
Exports
Exports The top exports of Austria are Cars ($7.02B), Packaged Medicaments ($6.48B), Vaccines, blood, antisera, toxins and cultures ($4.96B), Motor vehicles; parts and accessories (8701 to 8705) ($4.14B), and Flavored Water ($2.86B), exporting mostly to Germany ($46.6B), United States ($10.6B), Italy ($9.75B),
Why Austria Is So Rich
The primary industries are metal, electrochemistry, engineering, and food and luxury commodities. The country is also rich in natural resources, especially iron ore, magnesite, and other minerals. In addition, it produces petroleum and natural gas but also needs to import some.
Things You Need for settling in Austria
Working in Austria as a Foreigner
No matter where you come from, having a good grasp of the German language will give you a better chance of getting a job in Austria. If you plan to work in the capital Vienna, there should be ample job opportunities in industries, like research, IT, tourism, and the service industry.
The Red-White-Red Card
If you come from outside the EU or EEA, you are considered a third country national. This means you will need a Red-White-Red Card. This card (or permit) allows qualified workers to stay and work at the same company in Austria for 24 months. If you start working for another company during this time, you will have to re-apply for the card.
Also, if you have a family, they can apply for the Red-White-Red Card too, but you will need to prove you earn enough to support them. As of January 1, 2019, the minimum monthly salaries required based on different family circumstances were as follows (note that social benefits are not taken into account):
- single persons must earn at least 933 EUR (1,034 USD)
- married couples must earn at least 1,399 EUR (1,550 USD)
- for each child, you must earn an additional 144 (160 USD)
Average salary in Austria
Austria stands out in an international comparison thanks to its very good level of wages. According to the latest OECD statistics, it is ahead of countries such as Denmark, Sweden and France and recently also ahead of Belgium and Germany. It is important to note that as a rule, the monthly salary in Austria is paid fourteen times per year.
The average gross monthly salary varies slightly between EUR 1,773 in Tyrol and EUR 2,120 in Lower Austria. There are also minor differences with respect to purchasing power. The federal states of Lower Austria and Vorarlberg boast the highest purchasing power.
A survey of skilled employees carried out by the online job platform Stepstone concludes that the following sectors comprise the highest paid lines of work: chemical and oil processing industry, IT & Internet, banking, energy and water supply and disposal and financial services.
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