Austria

As of 1 January 2022, Austria has a total population of 8,979,894 people living there, including 1,587,251 foreigners (17.1% of the population). It has a land area of 83,878 square kilometres. The average number of immigrants living in Austria in 2021 was 2,240.3 million, or 25.4% of the total population. With 4.657 individuals per square kilometre, Vienna is Austria's most densely inhabited province, while Carinthia has 59.2 people per square kilometre. Man and woman can expect to live an average of 79.5 years and 84.2 years, respectively. Switzerland, Liechtenstein, Germany, the Czech Republic, Slovakia, Hungary, Slovenia, and Italy are the countries that border Austria. Nine provinces make up the federal state of Austria, and each has its own capital: Austria experiences warm summers, chilly winters, and sufficient precipitation, which are characteristics of the central European transitional climate.

Furthermore, Austria has two unique climate regions:

• There is a Pannonian climate in the east (warm to hot summers, relatively low precipitation and cold winters).
• The central Alpine region possesses the defining characteristics of the Alpine environment (more precipitation in summer compared to the east and long winters with heavy snowfall).

The central Alpine region possesses the defining characteristics of the Alpine environment (more precipitation in summer compared to the east and long winters with heavy snowfall).

Economy

One of the most stable economies in Europe is thought to be that of Austria. The nation depends on a very robust network of SMEs that prioritise exports, top-notch academic standards, and significant investment in research and development. The domestic economy is anticipated to be supported by both public and private consumption, with households benefiting from a tight labour market and increased salaries. Following the COVID-19 pandemic-related setback, Austria's economy saw a significant recovery in 2021, with a GDP growth predicted by the IMF to be 3.9%. Along with the tourism industry's partial recovery, the key drivers were private spending and significant increases in investment. The IMF predicts that the economy would expand at a faster rate of 4.5% this year before slowing to 2.1% in 2023 (4.9% and 1.9%, respectively, according to estimations by the EU Commission).

Austria's public debt increased as a result of the economic crisis brought on by the COVID-19 pandemic, rising from 70.5% of GDP before the pandemic to 84.2% of GDP in 2021. A steady decline in the debt, which is anticipated to reach 81.1% in 2022 and 79.8% the following year, should be enabled by strong nominal growth and further reductions in the headline budget deficit. A 4.8% budget deficit was caused in 2021 by the budgetary actions made to lessen the social effects of the epidemic and the loss in tax collection. But over the predicted horizon, the headline deficit is expected to decrease significantly (2.7% this year and 1.6% in 2023, according to the IMF), falling well below the 3% threshold. In 2021, rising energy costs caused overall inflation to reach 2.5%. In 2022 and 2023, the index should steadily drop to 2.4% and 2%, respectively.

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