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Despite the decline in the number of farmers and agriculture's share of GDP since 1960, agricultural output has risen. [1] As of the early 1990s, Austria was self-sufficient in all cereals and milk products as well as in red meat. This gain was achieved because of the considerable gains in agricultural labor productivity. [1]
For many years, the government and its state-owned industries conglomerate played a very important role in the Austrian economy. However, starting in the early 1990s, the group was broken apart, state-owned firms started to operate largely as private businesses, and a great number of these firms were wholly or partially privatised.
Global map of total central government revenues, as share of GDP, 2022 [1] Global map of total central government expenditures, as share of GDP, 2022 [2] This is the list of countries by government budget. The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1.
Economic think-tank Wifo and the Austrian National Bank predict the budget deficit will swell to 3.7% of gross domestic product this year, breaching the European Union's 3% limit, and grow to 4% ...
In addition, Austria has been in a recession for the past two years, is experiencing rising unemployment and its budget deficit is currently at 3.7% of Gross Domestic Product — above the EU’s ...
The Deregulation of government-owned enterprises in the 1980s and 1990s reduced government's role in the economy and permitted the retirement of some public debt, but simultaneously massively increased the necessity for greater welfare spending and has led to considerably higher rates of unemployment than were standard in New Zealand in earlier ...
Economic researcher WIFO, which provides the forecasts on which the government bases its budget, last month cut its GDP growth outlook for this year to 3.9%, almost a percentage point less than ...
Government deficit spending is a central point of controversy in economics, with prominent economists holding differing views. [3]The mainstream economics position is that deficit spending is desirable and necessary as part of countercyclical fiscal policy, but that there should not be a structural deficit (i.e., permanent deficit): The government should run deficits during recessions to ...