With a population of nearly 9 million, Austria is sparsely populated and benefits from a high standard of living. In 2020, Austria was ranked as the 13th richest country in the world, having an impressive GDP per capita at $48,105. In Europe, Austria is ranked as the 9th richest country, and unlike most of the Eurozone, narrowly escaped recession in 2012/13.

The global credit crisis exacerbated the split in Europe between the crisis-ridden north and the more affluent south. Fortunately, Austria found itself firmly in the Northern ‘camp’ and benefited greatly from its strong social and economic ties to the euro powerhouse – Germany. As a result, Austrian economic growth (figure 1) recovered well and peaked at 2.58% in 2018.

Of course, the worldwide pandemic in 2020 and 2021 impacted Austria’s economy, as it did the rest of Europe. However, Austria looks set to recover well from the COVID-19 pandemic and GDP is expected to grow by 2% in 2021 and 5.1% in 2022.

With a population of nearly 9 million, Austria is sparsely populated and benefits from a high standard of living. In 2020, Austria was ranked as the 13th richest country in the world, having an impressive GDP per capita at $48,105. In Europe, Austria is ranked as the 9th richest country, and unlike most of the Eurozone, narrowly escaped recession in 2012/13.

Find out more about Austrian Property Taxation here