The ratings on the Republic of Austria are supported by: A modern, highly diversified, and competitive export-oriented economy; Rapid progress in fiscal consolidation and a gradually declining debt burden; Stable and stress-tested democratic institutions based on consensus building and predictability in economic policy orientation. Austria's economy is characterized by high living standards, based on a high level of productivity and the innovative capacity of its corporate sector. Markets are flexible and react swiftly to economic shocks. As a result, unemployment is significantly below levels observed across most of Europe, and the economy has been among the least volatile of rated sovereigns. The resilience of Austria's economy is underpinned by its tradition of wage moderation and responsible social partnership. A consensus
