Austria's largest federal state covers 19,178 km², being home to 1.6 million people. With its close location to the Czech and Slovak Republics, Niederösterreich (Lower Austria) is considered an ideal economic region.
Lower Austria is a very dynamic state.
The current economic figures provide impressive evidence of rapid positive growth. Due to economic stabilisation in the second half of 2009, the gross value added in Lower Austria increased by 2 % in 2010. Growth of over 2 % is expected for 2011. For this reason, Lower Austria is a driving economic force for the eastern region.
The growth dynamic has also been helped by Austria's entry into the EU, the opening of the eastern/central European markets and above all, the expansion of the EU. Expansion has brought Lower Austria to the centre of a new dynamic economic region between Brünn in Germany and Bratislava in Slovakia. Even today this region exhibits above-average economic growth. Central and eastern European countries are important economic partners for Lower Austria. Lower Austria's exports made up 17.2 % of Austria's total exports in 2009. Of that percentage, 26 % went to countries in central and eastern Europe.
Lower Austria had a total of over 556,409 wage earners in 2009. The largest area of employment is skilled labour, followed by trade, industry, transportation, tourism and the financial/insurance sector. Lower Austria has a longstanding industrial history. Its share of the gross value added falls just under 35 %, but is still above-average for the whole of Austria.
The most important sectors are:
- Mechanical engineering and steel construction
- Electrical industry
- Stone and ceramics
- Iron and metalworking
- Grocery and luxury foods
- Chemical industry
The increased EU market has meant that industry in Lower Austria has been able to significantly increase its production profits.
Source: www.wirtschaftszentrum.at, ecoplus. Niederösterreichs Wirtschaftsagentur GmbH