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Austria, with its well-developed market economy and high standard of living, is closely tied to other EU economies, especially Germany's. Membership in the EU has drawn an influx of foreign investors attracted by Austria's access to the single European market and proximity to EU aspirant economies. Slowing growth in Germany and elsewhere in the world slowed the economy to only 1.2% growth in 2001; the economy is expected to do little better in 2002. To meet increased competition from both EU and Central European countries, Austria will need to emphasize knowledge-based sectors of the economy, continue to deregulate the service sector, and lower its tax burden.
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Construction, machinery, vehicles and parts, food, chemicals, lumber and wood processing, paper and paperboard, communications equipment, tourism.
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Grains, potatoes, sugar beets, wine, fruit; dairy products, cattle, pigs, poultry; lumber.
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