The Austrian economy is characterized by a high level of industrialization and a strong service sector, which accounts for about 70% of its GDP. Key industries include machinery, automotive, and tourism, with Vienna being a major hub for business and culture. The country benefits from a skilled workforce and a stable political environment, making it attractive for foreign investment. Austria has a well-developed social market economy, balancing free-market capitalism with social policies. The government plays a role in regulating the economy and providing social services, ensuring a high standard of living for its citizens. Austrian banks are also known for their stability and reliability.