According to the EU Commission, Austria ranks among the top performers in the EU in terms of labor productivity per employee. With a value of 116.6 % of the gross value added per person employed, the Austrian economy has once again demonstrated its high level of competitiveness, surpassing industrial powerhouses such as France, Germany, Italy and Great Britain.
There are major differences among the individual EU member states. Average labor productivity in Ireland’s manufacturing sector reaches a level of 194.5 % of the gross value added, whereas the comparable figure for Bulgaria is only close to 46.7%.
Labor costs in Austria
Labor costs are an important indicator of international cost competitiveness and play a key role in business location decisions. Measured in absolute numbers, Austria is in good midfield in Europe.
Austria ranks among the most prosperous countries in the EU. It not only offers a market boasting extensive purchasing power, but a corresponding consumer infrastructure. Despite its relatively small size and number of inhabitants, Austria is a profitable market for international companies.
According to Eurostat, the Statistical Office of the European Communities, Austria’s economic output is 27% higher than the EU average. It is ranked fourth in the EU with respect to its per capita gross domestic product (GDP), surpassed only by Luxembourg, Ireland and the Netherlands.