Rich or Poor?

Compared to the rest of the world, Austria is a very rich nation. In ranking, Austria is the seventh richest country in the world per capita. They also have an extremely low unemployment rate at 6.7%, much lower than other European countries such as France and Italy, with rates around 12%.  Austria’s economy is not as strong as Russia, Brazil, China, India or Mexico, but Austria’s citizens have a higher standard of living and jobs with first-rate working conditions. Also Austria's economy is versatile. It does not just focus on a few things to produce but sectors of production, such as their food industry, tourism, finance, timber industry and new technologies (Austria Economy Profile 2012, 2011). This versatility and having a well-based economy has allowed Austria to become very rich, not only in economics but in all other aspects as well.