The Federal Republic of Austria in central Europe has a population of 8.67 million and a land area of 83855 square kilometers. The country is known for its high standard of living, with GDP per capita reaching 43400 US $in 2014, making it one of the richest countries in the world. However, the country's economy has stagnated in recent years, which is reflected in the slowdown of its construction and cement industries.
Economy
The Austrian economy is closely linked to other European countries, especially Germany, although Austria has diverged from Germany in recent years. In 2014, Austria's GDP grew by 0.3% year-on-year to $437 billion (the official exchange rate of the United States), with per capita GDP of $0.1 43400. Compared with most countries in Europe, Austria suffered a short and sharp recession as a result of the 2008 global economic crisis, but its recovery was initially strong. Since 2012, the state finance has implemented expenditure savings and new tax policies, but the economic development has been unstable. The country is currently exposed to external risks from Austrian banks, which continue to be exposed in Central and Eastern Europe, such as the fallout from the bankruptcy of the Austrian Hypo Alpe Adria National Bank, the policy and economic uncertainty caused by the European government debt crisis, the Russia/Ukraine crisis, the appreciation of the Swiss franc, and the political changes in Hungary.
Austria's weak economic growth has been consistent with a steady rise in its unemployment rate, which reached 5.6% in 2014, above the European average. Despite government aid programs to force companies to work shorter hours to retain workers, the rise has not been stopped. The national inflation rate rose to 3.6% in 2007, almost immediately after the economic crisis, and has fluctuated since then, reaching 1.6% in 2014.
In 2014, 68.5% of the Austrian workforce was engaged in services, 26% in industry and the remaining 5.5% in agriculture. In 2014, Austria's industrial output grew by 1.8% year-on-year. Austria is a net importer, importing US $173 billion of equipment, automobiles, chemicals and petroleum and other products in 2014, US $1 billion less than in 2013; exporting US $170 billion of machinery, paper and paperboard, metals and textiles, US $3 billion more than in 2013.
Overview of cement industry
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