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Official Name: Republic of Austria
Official Language: German
Population: 8,902,600
Currency: Euro
Austria is a landlocked East Alpine country in southern Central Europe.
Capital: Vienna
Government: Federal parliamentary republic; Nine federated states
High quality of life: Austria is consistently ranked among the top 20 richest countries in the world according to GDP per capita.
Together with Switzerland, it forms what has been characterized as the neutral core of Europe.
Two-thirds of the total area of Austria is covered by woods and meadows.

Roman Catholic (59.6%), Eastern Orthodox (8.8%), Protestant (3.3%), Islam (8%), Buddhism (0.3%), None or Other (22.7%); according to 2017 data.

Austrains may be described either as a nationality or as a homogenous German ethnic group, closely related to neighboring Germans, Liechtensteiners and German-speaking Swiss. 91.1% of the population are regarded as ethnic Austians.
Turks are the largest immigrant group in Austria, closely followed by Serbs.

Austrians are generally conservative, prudent, and moderate.
Punctuality is highly valued.
Austrian society is quite formal, and the home is where people relax. Generally, only close friends and relatives are invited into the house.
A quick, firm handshake is the traditional greeting. When entering a room, shake hands with everyone individually, even children.
Use a person’s title and their surname until invited to use their first name.
Most Austrians have a deep love of nature and take pride in their landscape. Outdoor activities like hiking, mountain climbing, sailing, skiing and swimming are common.

Advanced industry generates 28.4% of Austrian GDP, with the majority of industrial enterprises operating on a small scale and a few global competitors in iron and steel works, chemical plants, and oil corporations. Austria’s service sector generates 70.3%, an overwhelming majority, of GDP. Tourism is also very important, and generates around 10% of GDP.
Austria has a strong labour movement, with union membership totaling more than half of the country’s wage and salary earners.
Companies and investors from Austria are very active in mergers and acquisitions, both within Austria and internationally. Neighboring Germany is the most common international partner. The largest value merger and acquisition transactions take place in the financial sector, while the largest number of merger and acquisition transactions occur in the industrial sector.

June 10, 2020

Austria