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WKO 2005_engl->Gerin 01.12.2005 14:12 Uhr Seite 1
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www.go-international.at
© Owner and publisher:Österreichisches Gesellschafts- und Wirtschaftsmuseum, Vogelsanggasse 36, A-1050 Vienna, AustriaPhone: 01/545 25 51, Fax: 01/545 25 51-55, e-mail: wirtschaftsmuseum@oegwm.ac.at, Website: http://www.wirtschaftsmuseum.atCommissioned by Austrian Federal Economic Chamber, Education Policy Department., Dr. Michael Landertshammer,http://wko.at/bildung, Wiedner Hauptstrasse 63, A-1045 Vienna, AustriaPhone: 05 90 900, e-mail: callcenter@wko.at, Website: http://wko.atISBN: 3-902353-33-3
Produced by: Paul Gerin Druckerei, Wienerfeldstrasse 9, A-2110 Wolkersdorf, Austria Edition 2005
Dear Teachers and Pupils!
Dr. Christoph LeitlPresident of the Austrian
Federal Economic Chamber
Dr. Martin BartensteinAustrian Federal Ministerof Economics and Labor
The Austrian export industry has been incredibly successful inrecent years. In 2004 our country even captured the title ofEuropean Export Champion!
Innovative business owners and employees who understandglobalization as an opportunity and a challenge have been crucialto our success. The foundation for this success is laid in theeducation and training of young people.
It will soon be up to today’s pupils to make Austrian businessessuccessful on world markets and thereby safeguard jobs, ourhigh standard of living, and our strength as a business location.
We wish you much fun and success in exploring this excitingtopic for the future: “Austria’s Prospects on World Markets.”
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THE FUNDAMENTAL PRINCIPLESOF AUSTRIAN ECONOMIC POLICY
The Magic Polygon
A national economy has various important economic policy goals. A foreign tradebalance means that expenditure for imports is covered by income from exportsover an extended period of time.
Social PartnersAustrian Federal EconomicChamber, Austrian Federationof Trade Unions, Federationof Austrian Industry,Chamber of Labor
Enterprises
AustrianNational Bank
EuropeanCentral Bank
FederalGovernment
Population
InternationalInstitutions
OECD, IMF, IBRD,GATT, WTO
InternationalAgreements
EnteD,
Enteeral OE
ment
Foreigntrade balance
Economicgrowth
High levelof employment
Monetarystability
Quality of lifeEnvironment
Justdistribution
of income andwealth
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AUSTRIANEXPORTS AND IMPORTS
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004Source: Austrian National Bank
100908070605040302010
0
Exported Goods
Imported Goods
Exports and Imports of Goods, 1994 to 2004in € billions
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004Source: Austrian National Bank
Current Account Balancein € billions
Until 2001, more cash flowed abroad from the import of goods than into Austriafrom the export of goods. For the past three years, these cash flows have almostreached equilibrium. Besides traffic in goods and services, the current accountbalance also records flows of income and transfer payments between Austria andother countries.
+ 0.7 + 0.8
– 2.7
– 4.5 – 4.2
– 5.8– 4.7
– 6.3– 5.4
– 4.1
– 1.2
Surplus
Deficit
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AUSTRIANIMPORTS AND EXPORTS OF GOODS
Source: Statistik Austria, Austrian Federal Economic Chamber
Austrian Imports and Exports by Goods Category in 2004as a % of total imports/total exports
The structure of Austrian exports has continuously improved in quality. In 2004,the economy exported € 40 billion worth of machines and vehicles and € 30 billionworth of semi-finished and finished products.
Exports totaling€ 89.8 billion
= 100 %
Machinesand vehicles
Semi-finishedand finished
goods
Chemicalproducts
Food,beverages,
tobacco
Raw materials
Fuels,energy
Other
33.3
9.1
44.9
0.63.23.25.7
30.4
10.3
5.6
40.4
3.6
9.2
0.5
Imports totaling€ 91.1 billion
= 100 %
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EXPORTS AS THEDRIVING FORCE OF ECONOMIC ACTIVITIES
Austrian Export Rates, 2004 v 1994Exports of goods as a % of GDP
Source: Austrian National Bank
Exports of goods account for nearly 40 percent of the Austrian gross domesticproduct. If exports of services are added to this figure, this share rises to wellover 50 percent. In other words, more than half of the goods and services producedin Austria are sold abroad.
37.8 %
22.1 %
2004
1994
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EXPORTS AS THEDRIVING FORCE OF EMPLOYMENT
Gainfully Employed Persons in Austriain thousands
Source: Statistik Austria2004: Estimate, 1)Defined as in Labor Force Plan. Registered unemployed are not included.
The export industry is a crucial mainstay of economic activities. It allows theeconomy to grow and in so doing, helps to preserve existing jobs and create newones, especially in export-oriented sectors and companies. Every one percentincrease in exports generates about 10,000 jobs directly and indirectly.
Male Female
1)
1961
1971
1981
1991
2001
2004
1951
3,301
3,081
3,342
3,499
3,738
3,700
3,230
= 100,000 women= 100,000 men
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EXPORTSOF AUSTRIAN INDUSTRY
Source: Austrian Federal Economic Chamber
From every € 1,000 in sales in 2003,exports accounted for the indicated amounts in the following industries
Exports by Austrian industry indicate how significant the export sector is foreconomic growth and employment in a small open economy such as Austria’s.Many businesses earn the major part of their sales through exports.
Motor vehicles
Metal
Machines
Textile and leather
Optics, medical andmeasurement technology
Plastics
Electronics
Chemicals
Wood
Consumer products
Glass and ceramics
Paper
Foodstuffs
€ 910
€ 760
€ 760
€ 700
€ 670
€ 660
€ 640
€ 580
€ 500
€ 400
€ 340
€ 290
€ 130
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AUSTRIAN FEDERAL ECONOMIC CHAMBERAND ITS PROMOTION OF INTERNATIONALIZATION
Work Areas of the Austrian Federal Economic Chamber
Source: Austrian Federal Economic Chamber
Many Austrian companies utilize the services of the 100 bases of Austrian Tradeworldwide. As a sub-organization of the Austrian Federal Economic Chamber,Austrian Trade provides support, advice and coaching to Austrian companies onall foreign trade issues. Austria currently has about 24,000 exporting companies.One goal of the “go international” initiative is to increase this number to 30,000.
WKOAustrian Federal
Economic Chamber
AWOAustrian Trade
70 foreign trade offices, 30 marketing offices
AWOInformation
Publicationson business
opportunitiesand markets,
worldwidepresentationof Austriancompanies
AWOCoaching
Individualcoaching inAustria and
abroad
AWOEvents
Events inAustria
andabroad
Consulting and coaching onTransfers ofinnovation
andtechnology
Export ofservices
Foreigninvestments
Purchasingprocedures on
foreignmarkets
Export ofgoods
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AUSTRIAN FOREIGN TRADEWITH THE EUROPEAN UNION
Austrian Foreign Trade in 2004in € billions
Austria’s key trade partners continue to be primarily neighboring countries,especially Germany. Foreign trade between Austria and the countries of Centraland Eastern Europe is growing at a fast pace. Many of these CEE countriesacceded to the European Union in 2004.
Source: Statistik Austria, Austrian Federal Economic Chamber
Germany
Italy
France
GreatBritain
Hungary
CzechRepublic
Spain
Slovenia
Nether-lands
Belgium,Luxemburg
Poland
Slovakia
Sweden
Denmark
Ireland
Finland
Greece
BalticStates
Portugal
Cyprus,Malta
39.129.0
6.27.7
3.63.8
1.83.8
2.63.3
2.92.8
1.42.2
1.22.0
2.61.7
1.81.6
1.11.6
1.81.4
1.20.9
0.50.6
1.10.6
0.70.5
0.10.5
0.10.3
0.50.3
>00.1
Exports
Imports
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AUSTRIAN FOREIGN TRADEBY REGION AND ECONOMIC AREA
Austrian Foreign Trade in 2004in € billions
Austria conducts about three quarters of its foreign trade with the EuropeanUnion, but other major economic areas such as China and India are gainingsteadily in importance. Six percent of all Austrian exports go to the USA despitethe strong euro.
Source: Statistik Austria, Austrian Institute of Economic Research, Austrian Federal Economic Chamber
• ASEAN – Association of Southeast Asian Nations: Brunei, Indonesia, Cambodia, Laos, Malaysia, Myanmar,Philippines, Singapore, Thailand, Vietnam
• EFTA – European Free Trade Association: Iceland, Liechtenstein, Norway, Switzerland• CIS – Commonwealth of Independent States: Armenia, Azerbaijan, Belarus, Georgia, Kazakhstan, Kyrghizstan,
Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, Uzbekistan• NAFTA – North American Free Trade Agreement: Canada, Mexico, USA• Southeastern Europe: Albania, Bosnia-Herzegovina, Bulgaria, Croatia, Macedonia, Romania, Serbia-Montenegro
EU
ASEAN,China,Japan
NAFTA
EFTACIS
SoutheasternEurope
Arab countriesin Asia and Africa
Central andSouth America
Australia andOceaniaOther
countries
3.03.3 0.60.1
1.10.8
6.3
3.4
4.8 3.1 2.0 2.3
3.0
5.4
3.6
1.7
0.8
0.7
64.6 70.3
Total Exports€ 89.8 billion
Total Imports€ 91.1 billion
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THE INFLUENCE OFEXCHANGE RATES ON FOREIGN TRADE
1.40
1.35
1.30
1.25
1.20
1.15
1.10
1.05
1.00
0.95
0.90
0.85
0.80
Development of the US Dollar/Euro (ECU) Exchange Rate1994 to 2004
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004Source: Austrian National Bank
You receive MOREthan one US dollar forone euro (ECU).
If the euro loses value against other currencies, Austrian goods become cheaperfor foreign customers. Austria can export more but imports become more expensive.If the euro gains in value, the situation is reversed: Exports become more expensivewhile imports become cheaper.
You receive LESSthan one US dollar forone euro (ECU).
You receive EXACTLYone US dollar forone euro (ECU).
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ACTIVE AND PASSIVEDIRECT INVESTMENTS
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004Source: Austrian National Bank
109876543210
Passive Annual Direct Investments
Annual Direct Investments, 1994 to 2004in € billions
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004Source: Austrian National Bank
60
50
40
30
20
10
0
Total Direct Investments, 1994 to 2004in € billions
Active direct investment sets capital flowing from Austria to other countries.Austria has become an especially important investor in the countries of Centraland Eastern Europe. As a business location with many advantages, Austria alsoattracts foreign capital, referred to here as passive direct investment. This capitalgoes towards building up businesses and creating jobs.
Active Annual Direct Investments
Total Active Direct Investments
Total Passive Direct Investments
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THE ADVANTAGES OFAUSTRIA AS A BUSINESS LOCATION
Austria’s Advantages as a Business Location
It is up to investors to decide whether to locate their enterprises in Austria or tokeep or expand existing enterprises in the country and thus assure the securityof domestic jobs. What they ultimately decide depends on a number of factors.The willingness of businesses to innovate is one factor that plays a crucial partin these decisions.
Innovation –Research & Development
Social Partnership –Consensus-based Approachto Solving Labor Conflicts
Market Proximity to Eastern Europe –Geographic Location in Central Europe
Social and Political Stability –Economic Promotion and Development System –
Basic Tax Conditions
Infrastructure, Quality of Life, Economic Situation,Environment, Security; Education, Continuing Education,
Mobility, Motivation, Employee Creativity
Econ
DIR
EC
T I
NV
ES
TM
EN
TS
em –
WIL
LIN
GN
ES
S T
O IN
VE
ST
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RESEARCH AND DEVELOPMENTIN AUSTRIA
1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004Source: Austrian Federal Economic Chamber
Expenditure for Research and Development, 1994 to 2004as a % of GDP
Source: Austrian National Bank – GB, I: 2002; NL, S: 2001.
Expenditure for Research and Development in the EU, 2003as a % of GDP
Intensive research and development and the new products and productionprocesses resulting from it form the basis for increased exports, economic growthand employment in a national economy. R&D is essential to the competitivenessof domestic enterprises in a global economy.
1.5 1.6 1.6 1.7 1.8 1.9 2.0 2.1 2.2 2.2 2.3
Germany
France
Belgium
Finland
Austria
Sweden 4.3
3.5
2.5
2.3
2.2
2.2
Netherlands 1.9
Great Britain 1.9
Slovenia 1.5
Czech Replublik 1.4
Italy 1.2
Ireland 1.1
Hungary 1.0
Estonia 0.8
Lithuania 0.7
Poland 0.6
Slovakia 0.6
EU-15 ø 2.0
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CAREER OPPORTUNITIESIN THE EXPORT INDUSTRY
Career opportunities as a result of...
The many Austrian companies selling products abroad help to keep existing jobssecure and to create new ones. The export industry has good career prospects forindividuals with specialized expertise and a suitable personality.
Career Opportunities
Specialized expertiseas regards
• export industry• foreign languages• information technology (IT)• communication technology (CT)• marketing• science
Personality profileas regards
• mobility• creativity• innovativeness• sense of personal responsibility• intercultural skills• adaptability
Supplemental qualificationsthrough
foreign stays and work experience
• Exchange program for secondary students e.g. Leonardo• Exchange program for university students e.g. Erasmus• Foreign studies, training placements abroad• Temporary work at companies
Basic and continuingeducation and training
throughlife-long learning
• WIFI (training organization of Economic Chamber) WIFI offers: Language courses; seminars; management courses of study; in-house company training; courses of study ending in a diploma for export, marketing and sales. www.wifi.at
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AUSTRIA’S PROSPECTSO N WO R L D M A R K E T S
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