The economy of Austria is a well-developed social market economy, with the country being one of the fourteen richest in the world in terms of GDP (gross domestic product) per capita. 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 strong in Austria and have large influence on labour politics. Next to a highly developed industry, international tourism is the most important part of the national economy.