Global GDP Growth: Overview
Inflation-adjusted base year prices are used to calculate real GDP. Real GDP changes serve as a gauge of economic growth and show whether the economic activity has increased or decreased. According to real GDP, the world's top five economies are the US, China, Japan, Germany, and India. After the US, China had the largest real GDP in 2021 with a value of $12.7 trillion. With a $6 trillion real GDP during the same period, Japan came in third place internationally. Germany and India are the other two largest economies, with real GDP of $3.8 trillion and $2.9 trillion, respectively.
Austria Exports: Overview
The manufacturing sector is one of the key sectors of the Austrian economy. Nuclear reactors, boilers, machinery, mechanical appliances, and parts thereof is the most exported product category for the country. Its export share as a percentage of total exports was 17.2% in 2020. The share of nuclear reactors, boilers, machinery, and mechanical appliances exports to total exports has decreased over the last four years from 18.4% in 2015 to 17.2% in 2020. However, the share of vehicles and parts thereof in exports increased from 9.8% in 2016 to 10.5% in 2020. Mineral fuels and mineral oils are the third largest exported commodity, with a share of 1.37% in 2020.
Germany, the US, and Italy were Austria’s top three trading partners in 2020; they accounted for 21.9% of total trade (exports and imports). The country ranked first in trading across borders and tenth in the parameter of enforcing contracts out of 190 countries. The country has no border compliance cost to export, compared to the average of $136.8 for OECD high-income nations.
Austria Exports as a % of GDP
Exports as a % of GDP of Austria was 48.0% in 2021, while Austria’s exports as a % of GDP decreased by 8.4% year-on-year basis in 2021. Between 2010-2021, the exports as a % of GDP in Australia decreased by 8.0%. The indicator was highest in the year 2018 and 2019 at 56.9% and lowest in the year 2021 at 48.0%.
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