The Austrian Economy
At one time, Austria was at the helm of the powerful Austo-Hungarianempire. However, after defeat in World War I, this center of power wasreduced to a small republic. In 1938, Austria was annexed by Nazi Germany,and then was subsequently occupied by the victorious allies in 1945, whichpushed Austria into an unclear political status that lasted a decade. 1955marked the signing of a State Treaty that ended the occupation andrecognized Austria's independence. It also prohibited unification withGermany. In that same year, a constitutional law was passed that declared"perpetual neutrality" for Austria. This law was brought forth as acondition for the withdrawal of the soviet military out of Austria.Neutrality became part of the cultural identity experienced by Austrian,and in the past two decades has increasingly come into question due to thecollapse of the Soviet Union in 1991 and the entry of Austria into theEuropean union (EU) in 1995. On the whole, Austria has experienced a greatdeal of prosperity, and entered the European Monetary Union in 1999. Austria's total land area is 83,858 square kilometres. Of this total
2%of the population, with 678,944 males and 646,390 females. Austria has also lessened itsdependence on imported fossil fuels by maximizing the hydroelectric power-generating capacity of the Alps. Since the end of the Cold War and the consolidation of Europe,Austria's economy has faced increased outside competition and greaterexposure to outside influences. To achieve these results cuts weremade, which mostly affected Austria's generous social benefit system andthe civil service. Austria was severelyaffected by the "oil shocks" of the 1970s and by the recession experiencedthroughout the world at the beginning of the 1980s. Theunemployment rate is estimated to be 4. and area, 1,120 square kilometres is comprised of water, and 82,738 squarekilometres are comprised of land. The industrial production growth rate is an estimated 3. The voting age in Austria is 19 years of age,and participation in voting procedures is compulsory for presidentialelections. 1% of GDP in 1999, and broughtthe public debt, which was at 63. Foreign investors have been attracted to Austria's access to the singleEuropean market since Austria gained membership in the EU. Labor The Austrian labor force is composed of 4.
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