Austria has a highly developed and stable economy, characterized by a strong industrial base, high living standards, and a well-functioning social market economy. It is one of the wealthiest countries in the world in terms of GDP per capita. The Austrian economy benefits from its central location in Europe, which facilitates trade and investment. Key sectors include manufacturing (especially machinery, chemicals, and automotive), services (including banking, insurance, and tourism), and a well-developed public sector.

Austria has a highly skilled labor force and is known for its innovation and technological advancements, particularly in the fields of green energy and engineering. The country's economic policy focuses on sustainability, economic stability, and social welfare.

Austria is also part of the European Union, the Eurozone, and the Schengen Area, which provides access to a large internal market. Despite challenges such as an aging population and global economic fluctuations, Austria maintains a resilient economy with a high standard of living.