Austria - Market Overview
Table of content
Source: Statistics Canada
2015 Trade and Investment between Austria and Canada (C$, Millions)
|Trade and Investment||(C$, Millions)|
|Canadian Merchandise Exports to Austria||$328.7|
|Canadian Merchandise Imports from Austria||$1,791.0|
|Canadian Service Exports to Austria, 2015||$203.0|
|Canadian Service Imports from Austria, 2015||$292.0|
|Austrian Direct Investment in Canada||$947.0|
|Canadian Direct Investment in Austria||$559.0|
- Austria is Canada’s 14th largest destination in the EU for merchandise exports.Footnote 1
- Austria is the 10th largest economy in the EU, with a GDP per capita nearly equivalent with the United Kingdom.Footnote 2
- Austria is a wealthy, stable and secure democracy located in the centre of Europe. It is renowned for its high quality of life, with Vienna currently topping Mercer’s Quality of Living Survey. Austria’s Gross Domestic Product (GDP) per capita is among the highest in the European Union (EU).
- Austria’s economy is export-oriented, with an export rate of 53.4 percent in 2015 (export of goods and services over GDP) compared to an average of 43.6 percent in the EU.Footnote 3
- Austrian industry has a large number of small and medium-sized enterprises characterised by high productivity, sustained innovation, and engineering excellence.
- Austria’s leading industrial sectors are the chemical and automotive industries, mechanical engineering, electronics, life sciences and environmental technology.
Read the guide Exporting to the EU.
Renewable energy makes up 30 percent of Austria’s total primary energy supply.Footnote 8 Austrian biomass companies are targets for investment attraction into Canada, and Austrian research institutions offer opportunities for innovation partnerships with Canada. It can be challenging for Canadian companies to adapt to Austrian industry standards and practices in sustainable technologies, which are in many cases more demanding than in Canada.
Information and Communications Technology (ICT)
Canadian suppliers of next generation mobile network technology, connected vehicle technology, and usage-based insurance solutions, among many other areas, are finding promising opportunities in Austria. Opportunities exist for research collaboration particularly in the fields of quantum computing, wireless communication and connected vehicle technology. Challenges for Canadian ICT companies include compliance with the numerous European directives and regulations, and committing to long-term in-country customer service, as often required by Austrian clients.
Within Europe, Austria is leading the way in the design and construction of sustainable and highly energy-efficient buildings. Austrian companies have been investing in the Canadian infrastructure sector and there are opportunities for technology transfer. Building standards in Austria are set very high, so Canadian companies wishing to do business in this sector must adapt their products and services.
For more information on trade and investment opportunities in Austria, contact your Trade Commissioner in Vienna, Austria.
- Footnote 1
- Footnote 2
- Footnote 3
Austrian Federal Economic Chamber, Export- und Importquoten Stand 2015, http://wko.at/statistik/eu/europa-exportquoten.pdf
- Footnote 4
- Footnote 5
European Commission, Economic forecasts: http://ec.europa.eu/economy_finance/eu/forecasts/2016_spring/at_en.pdf
- Footnote 6
- Footnote 7
- Footnote 8
European Commission Country Fact Sheet Austria 2015, page 2, (SWD(2015) 208 final) http://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52015SC0208
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