Austria is one of the 11
richest countries in the world in terms of GDP (
Gross domestic product) per capita, has a well-developed
social market economy, and a high standard of living. 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.