The ratings on the Republic of Austria are supported by: A modern, highly diversified, competitive, and export-oriented economy; Continuing fiscal austerity, ongoing efforts to reduce the size of the state and guarantee the long-term sustainability of government finances, and a gradually declining debt burden; and Stable and stress-tested democratic institutions based on consensus-building and predictable economic policy. 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 one of the least volatile among rated sovereigns. The resilience of Austria's economy
