Wealthy, modern, and competitive economy. Flexible labor and goods markets and moderate wage policies support growth, competitiveness, and employment. Increasing fiscal flexibility through ongoing fiscal consolidation. Exceptionally large general government sector. High, albeit declining level of general government debt. 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 lower than levels observed across most of Europe, and economic performance has been one of the least volatile among rated sovereigns. The resilience of Austria's economy is underpinned by its tradition of wage moderation and responsible social partnership. Since the turn of the
