The Trade Effects of Austria's EU Membership and the Common Market

25 years ago Austria held a referendum on its accession to the European Union. The European Common Market, which constitutes the four freedoms, is also in place since more than 25 years. Austria has benefitted from both major integration steps. Due to Austria's accession to the EU, trade with other EU member countries increase by 46 percent over 20 years. This trade increase also contributed to an increase in Austria's real GDP amounting to about 15.6 percent. The formation of the Common Market also increased trade especially between the EU 15 and the new EU members and within the group of the Eastern enlargement accession economies.