• GDP: US$410 billion (2005). • Main exports: Machinery, metals, paper, textiles and food livestock. • Main imports: Machinery and equipment, chemicals, metal goods, oil and oil products and foodstuffs. • Main trade partners: EU, of which Germany is the main trade partner. Economy Austria is one of the most prosperous countries in the world. Manufacturing, including mining, accounts for nearly 30% of GDP. Since WWII, much of the country’s industrial capacity has been in state hands and only recently has been removed from under the protective wing of the state holding company, OIAG. Iron and steel, chemicals, metalworking and engineering all fall into this category. Tourism is a hugely important part of the Austrian economy. Agriculture has proved equally successful, with domestic products meeting 90% of the country’s food needs. Crops include sugar beet, potatoes, grain, grapes, tobacco, flax, hemp and wine. Austria has moderate deposits of iron, lignite, magnesium, lead, copper, salt, zinc and silver. Although there are some oil reserves and an extensive hydroelectric programme, Austria must import the bulk of its energy requirements. Austria was a member of the European Free Trade Association (EFTA) before it joined the EU in 1995; Germany is now Austria’s largest trading partner by a considerable margin, followed by Italy, France, the UK and, outside the EU, Switzerland. Overall, the EU now accounts for approximately two thirds of total Austrian trade. The previously substantial trade with both the USA and the former Soviet Union has fallen as a proportion of the total in recent years. After implementing austerity measures to cut government spending, Austria was able to meet the criteria for membership of the single European currency and joined it upon its inception at the beginning of 1999. Since then, in common with most of the EU, the economy has been sluggish. GDP growth was just 1.8% in 2005. Business Etiquette Austrians are quite formal in their business dealings. A working knowledge of German is very advantageous. Best times to visit are the spring and autumn months. Office hours: Mon-Fri 0800-1230 and 1330-1730. Conferences & Conventions Austria has 31 conference venues, including over 20 in Vienna and a floating conference centre, the MS Mozart, on the river Danube. The provincial capitals of Salzburg, Innsbruck, Graz, Linz, Bregenz, Klagenfurt and Eisenstadt also offer convention venues, as do several health and spa resorts. Furthermore, there are approximately 70 hotels in Austria which specialise in the conference/convention field. For more detailed information, contact the Austrian National Tourist Office (see Contact Addresses).