With a population of over 8,300,000 people, the Republic of Austria covers an area of 83,872 square kilometers. It joined the European Union on January 1, 1995.
Austria maintains a high standard of living, and is the 12th richest country in the world. The most important industry for the Austrian economy is the international tourism. Since Austria used to be a trading partner mainly with Germany, the changes in the German economy were directly affecting Austria. After it joined the EU, it started relationships with other countries, which made it less vulnerable to the German economy. Overall, the EU had an extremely positive effect on Austria as it attracted many foreign investors.
The Austrian schilling is the currency Austria used until January 1,1999, when it was replaced by the euro.
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