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The fact that Austria is so widely known as a holiday destination already hints at one important truth about the Austrian economy: the importance of tourism. With 334,000 direct employees (in 2013), tourism is a significant source of income and jobs. As mentioned above, the Alps feature big as Austria’s main tourist attraction, but city trips, cultural tours and spa holidays also play an important part.
Looking at the bigger picture, it is the services sector as a whole (not just tourism) which is the motor of Austria’s economy. Sixty-eight percent of the country’s total workforce is working in Austria’s third sector, generating some 65% of the GDP. Apart from tourism, trade and banking are the main areas of interest. People employed in Austria’s banking sector still benefit from relatively strict confidentiality laws.
Austria has a modern and productive industry. The secondary sector employs 27% of the national workforce and accounts for roughly 33% of the GDP. Having said this, the mining industry has lost a lot of its importance in recent years. Although there is still salt and some ore mining, other areas (such as coal) have been neglected. Today, most people working in Austria’s mining industry are employed in quarries.
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