Austria is a wealthy parliamentary democracy that has remained peaceful and politically stable since regaining its independence in 1955.

Since the early 1990s, Austrian governments have followed a business-friendly programme of privatisation and deregulation, although income tax rates remain relatively high.

Austria has successfully established itself as a 'Gateway to the East', providing financial services to both central and Eastern Europe.

Tourism is also an important economic sector, with 17 million visitors annually drawn by Austria's cultural history and the opportunities for outdoor pursuits.

Image: The UEFA European Football Championship hot air balloon at the Ernst Happel Stadium in Vienna, Austria. | Photograph: Ulli Michel/Getty Images

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