What was the real GDP in 2007?
Current-dollar GDP increased 4.9 percent, or $648.3 billion, in 2007.
What was the economic growth in 2007?
The Commerce Department said gross domestic product, a measure of total goods and services output within U.S. borders, grew at an annual rate of 0.6 percent in the last quarter of 2007, while it expanded 2.2 percent over the whole year, the slowest pace in five years.
What is the average GDP of Austria?
GDP per capita in Austria averaged 30984.11 USD from 1960 until 2021, reaching an all time high of 46717.72 USD in 2019 and a record low of 12046.31 USD in 1960.
How did Austria get so rich?
Industries and the service sector The primary industries are metal, electrochemistry, engineering, and food and luxury commodities. The country is also rich in natural resources, especially iron ore, magnesite, and other minerals. In addition, it produces petroleum and natural gas but also needs to import some.
Is Austria poor or rich?
The economy of Austria is a developed social market economy, with the country being one of the fourteen richest in the world in terms of GDP (gross domestic product) per capita.
How good is Austria economy?
Austria’s economic freedom score is 73.8, making its economy the 22nd freest in the 2022 Index. Austria is ranked 15th among 45 countries in the Europe region, and its overall score is above the regional and world averages.
What was GDP in 2006?
Current-dollar GDP increased 6.4 percent, or $798.1 billion, in 2006.
Why did the GDP drop in 2008?
In 2008, the Great Recession hit with a vengeance. The 2006 subprime mortgage crisis and the 2007 banking crisis had spread to the general economy. The annual GDP numbers hid the damage told by the quarterly numbers. The economy contracted 8.5% in the fourth quarter.
What caused the Great Recession of 2007?
The Great Recession, one of the worst economic declines in US history, officially lasted from December 2007 to June 2009. The collapse of the housing market — fueled by low interest rates, easy credit, insufficient regulation, and toxic subprime mortgages — led to the economic crisis.
Is Austria a first world country?
There were some “neutral” states in Europe, such as Switzerland, Sweden, Austria, Ireland, and Finland, but they can be classified as First World in this context.
Are Austrians wealthy?
Austria is one of the wealthiest countries in the world, with a nominal per capita GDP of $46,972 (2018 est.). The country has developed a high standard of living and in 2019 was ranked 18th in the world on the Human Development Index.
What was the GDP in 2005?
Current-dollar GDP increased 6.4 percent, or $745.1 billion, in 2005. Current-dollar GDP increased 7.0 percent, or $763.1 billion, in 2004. During 2005 (that is, measured from the fourth quarter of 2004 to the fourth quarter of 2005), real GDP increased 3.1 percent. Real GDP increased 3.8 percent during 2004.