The ratings on the Republic of Austria are supported by: A stable, diversified, export-oriented, and internationally competitive economy that grew at an average annual rate of 3% between 1998 and 2000, and maintained unemployment at 4% in the same period; Improvements in fiscal performance, leading to general government debt ratios that have slowly declined to 63% of GDP in 2000 from 69% of GDP in 1995 and 1996; and Stable democratic institutions and a wealthy population, with per capita income estimated about $25,000 in 2001. Austria has been a remarkably stable economy over the past two decades. Employment and inflation have been in line with other very highly rated sovereigns, but growth has been somewhat lower. Austria began to seriously
