The currency used in Austria is Euros. In 2005, an Economist Intelligence Unit study of 127 world cities ranked Vienna first equal with Vancouver for the quality of life. The city has earned the reputation for being Austria's cultural, economic and political hub and plays host to many international organisations like United Nations and OPEC.

Austria is one of the 10 richest countries in the world in terms of GDP per capita. The country has a well developed social market economy and a high standard of living. Privatisation of large industries is becoming increasingly common.

Labour movements are particularly strong in Austria and have large influence on labour politics. Thanks to the country's magnificent natural beauty, international tourism is an important part of the national economy.

Germany has historically been the main trading partner of Austria, making it vulnerable to rapid changes in the German economy. However, since Austria became a member state of the European Union it has gained closer ties to other European Union economies, reducing its economic dependence on Germany. Growth in GDP accelerated in recent years and reached 3.3% in 2006.