section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Austria consistently ranks high in terms of GDP per capita, due to its highly industrialised economy, and well-developed social market economy. Until the 1980s, many of Austria's largest industry firms were nationalised; in recent years, however, privatisation has reduced state holdings to a level comparable to other European economies. Labour movements are particularly influential, exercising a large influence on labour politics and decisions related to the expansion of the economy. Next to a highly developed industry, international tourism is the most important part of the economy of Austria.
  
  Germany has historically been the main trading partner of Austria, making it vulnerable to rapid changes in the German economy. Since Austria became a member state of the European Union, it has gained closer ties to other EU economies. Membership of the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to the aspiring economies of the European Union. Growth in GDP reached 3.3% in 2006. At least 67% of Austria's imports come from other European Union member states.
  
  The 2008 financial crisis led to the Hypo Alpe-Adria-Bank International to be purchased in December 2009 by the government for 1 euro owing to credit difficulties, thus wiping out the €1.63bn of BayernLB. As of February 2014, the HGAA situation was unresolved, causing Chancellor Werner Faymann to warn that its failure would be comparable to the 1931 Creditanstalt event.
  
  Austria indicated on 16 November 2010 that it would withhold the December instalment of its contribution to the EU bailout of Greece, citing the material worsening of the Greek debt situation and the apparent inability of Greece to collect the level of tax receipts it had previously promised.
  
  Since the fall of communism, Austrian companies have been quite active players and consolidators in Eastern Europe. Between 1995 and 2010, 4,868 mergers and acquisitions with a total known value of 163 billion EUR with the involvement of Austrian firms have been announced. The largest transactions with involvement of Austrian companies have been: the acquisition of Bank Austria by HypoVereinsbank for 7.8 billion EUR in 2000, the acquisition of Porsche Holding Salzburg by Volkswagen Group for 3.6 billion EUR in 2009, and the acquisition of Banca Comercială Română by Erste Group for 3.7 billion EUR in 2005.
  
  Tourism in Austria accounts for almost 9% of its gross domestic product. In 2007, Austria ranked 9th worldwide in international tourism receipts, with 18.9 billion US$. In international tourist arrivals, Austria ranked 12th with 20.8 million tourists.