Note: This currency has been replaced by the Euro.
Overview
The Austrian Schilling (ATS) was the currency used in Austria from 1924 to 1938 and from 1954 to 2002. In 1999 the Euro became the official currency of Austria, fixed at the rate of 1 Euro = 13.7603 Schillings.
Economy
Austria’s economy is rated 12th in the world, based on their GDP, consistently growing at a rate of ~2%.
The economy of Austria is a well-established and developed social market economy.
Tourism plays an import part of the economy, as it contributes 10% of the total GDP. Austria is one of the top ten countries to visit in the world.
The top industries are chemicals, telecommunications equipment, metals, food, lumber, paper, and tourism.
Export products are equipment for machinery, metal products, steel, iron, chemicals, paperboard, and vehicles.
Import products are mainly oil, metal products, vehicles, machinery, and foodstuffs.
The current unemployment rate in Austria is 4.3%.
In recent years a lot of industries have been privatized, to the same degree as in other European economies.
History
The first Schilling was introduced in the year 1924. 1 schilling = 10,000 Austro Kronen.
During World War II (in 1938), the Schilling was replaced by the German Reichmark.
In 1945, the Austrian Schilling was reinstated as the official currency for Austria. Schilling notes were issued that year, and coins were issued in 1946.
New banknotes were printed after a new law was established in 1947.
During the 1950s the Austrian Schilling started stabilizing.
In 1976, the Schilling was pegged to the German Mark.
In 1999, the Euro replaced the Schilling, but the Schilling continued to circulate until 2002.
