Austrian has fourth-highest per capita GDP in EU

Austria has made the top five in a spending power survey among European Union (EU) member states.Eurostat, the European Commission’s (EC) statistics authority, announced today (Weds) that Austria has the fourth-highest per capita gross domestic product (GDP) among the EU’s 27 member countries with 124 per cent.Luxembourg came first in the survey with 271 per cent ahead of the Netherlands (131 per cent) and debt-stricken Ireland (127 per cent). All top four nations are also part of the Eurozone. This term describes the 16 EU member states which have adopted the Euro as their currency.Research firm RegioData said earlier this month Austrians’ purchasing power would rise by 2.6 per cent year on year in 2011. The agency said this increase means people will have 450 Euros more available to spend – despite upcoming tax increases and welfare spending cutbacks.Austria, which joined the EU in 1995, was among the first 15 countries to adopt the Euro in 2002. The country has a population of around 8.5 million. It is also doing well as far as its unemployment rate is regarded as only the Netherlands (4.3 per cent) have a lower rate in the EU than Austria (4.5 per cent). Spain is fairing worst as more than one in five people living in the southern country have no work. Its youth unemployment rate is around 40 per cent.