Economic expenditure. Austria follows a system of

Economic history:Austria is one of the most stable and prosperous country in the European Union.Austria is a highly developed industrialized country with an important service sector. The most important industries in the country are food, luxury commodities, mechanical engineering, steel construction, chemicals, and vehicle manufacturing.Austria is world-famous for its arts and crafts, most notably fine handcrafted items, customized jewellery, ceramics, and glassware.Tourism is an essential part of the Austrian economy. Austria is a country with one of the largest natural land reserves in Europe.In the agricultural industry, Austria shows a strong trend towards organic farming. With an overall share of 22%, organic farms in Austria have obtained a leading position among other EU nations. Furthermore, Austria has one of the best healthcare systems in the world. The Austrian medical services can be considered outstanding in comparison to other nations in the world. Public expenditure on healthcare was almost $30.3 billion in 2011 and accounted for 7% of the GDP. and 25% of public expenditure. Austria follows a system of a public school system. Apart from this, health insurance covers almost all employees and their family members. 99% of the population is currently covered by social health insurance schemes. The schemes are mostly funded by donations and contributions made by employers and employees. Lastly, the public sector plays a dominant role in the sectors of childcare, homes for the elderly and some nursing homes. Nine years of education are mandatory for all students with the aim of producing highly efficient workers for the years to come.Traditionally, Germany is Austria’s biggest trade partner. 66% of Austrian imports and exports are to and from EU countries such as Germany.Ever since the end of the World War II, Austria has accomplished sustained economic growth.In the 1990s, state-owned firms started to operate as private businesses, and a great number of firms got privatised in that period.

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