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Economy, Money, Banking & Taxes


Up until 1999, Austria used the Austrian Schilling, a derivative from the English Shilling. Today, Austria uses the Euro which can be subdivided down into 100 Euro Cents. EUR 1 is equal to about $1.32 or £0.79.

Euro coins are available in 1, 2, 5, 10, 20 and 50 Euro Cent as well as 1 and 2 Euro variants.

Bank notes are available in 5, 10, 20, 50, 100, 200 and 500 Euro variants.


Austria’s GDP is worth around $395.5 Billion and sees an annual GDP growth rate of around 0.6%. The country’s main trading partners are Germany (31.4%), Italy (7%), France (4.7%), Switzerland (4.5%) and the United States (4.4%). It mainly exports from Germany (42.1%), Italy (6.6%) and Switzerland (5.1%).

The country’s main industries are in machinery and equipment, chemicals, motor vehicles, oil and related products, metal products and food products.


Banking in Austria is identical to banking anywhere else in developed Europe or in other western countries; this means that banks mainly have two account types: Current and Savings. Current Accounts offer quick access to funds while Savings Accounts offer a higher interest rate than a Current Account but may restrict access to cash.


The main tax of concern in Austria is income tax, this scales based on your income as follows:

  • 0-11k Euros ($14.5k or £8.7k) – 0%
  • 11k-25k Euros ($32.9k or £19.8k) – 36.5%
  • 25k-60k Euros ($79k or £47.7k) – 43.2%
  • 60k+ Euros – 50%