Another great economic hotspot is Austria's second largest federal state Oberösterreich. The capital city of Linz is a particularly dynamic place.
Upper Austria's proactive economic policy
has meant that it has experienced fantastic growth in recent years and is ideally set to become one of the top regions in Europe in the long term. „Quality is king“ is also the phrase of the day when it comes to tourism in Upper Austria, whether visitors want to enjoy winter sport or relax during their summer holidays.
Upper Austria finally regained its historic and geographic place as an important trade platform at the heart of the continent when the central and eastern European countries joined the European Union in May 2004. Of course, the larger European market, which Austria joined in 1995, also presented some challenges, such as an increase in competition. However, a number of key figures indicate that Upper Austria took advantage of the opportunities it faced and that the additional competition had a positive influence on Upper Austria's economy.
Upper Austria's economy greatly profited from Europe's domestic market. Upper Austria has experienced great growth over Austria's 15 years as a member state of the EU. Its export quota has risen from 33.6 % to 61 %, the number of companies increased by 64.2 % and Upper Austria has gained the most patents nationwide since 2004. Furthermore, a total of EUR 3.4 billion of EU subsidies have been invested in Upper Austria for various projects. Since Austria's entry to the EU in 1995, Upper Austria has recorded an average annual economic growth of 2.6 %. 47,000 jobs were created and 19,000 companies founded.
Upper Austria further secured its position as the number one export federal state in Austria. Of all of Austria's exports, 27 % come from Upper Austria. Its export quota was able to increase from 33.6 % in 1995 (EUR 28 billion) to 61 % in 2008 (EUR 47.4 billion) and then to 51.6 % in 2009 (EUR 45.7 billion). As a result, one out of every two jobs in Upper Austria exists either directly or indirectly because of the export of innovative products and services.
Source: www.land-oberoesterreich.gv.at, Department of the Upper Austrian State Government