unbekannter Gast

Australia: Economy#

The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.

Economic Facts#

GDP (purchasing power parity)$998.3 billion (2013 est.)
$974.2 billion (2012 est.)
$939.7 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate2.5% (2013 est.)
3.7% (2012 est.)
2.4% (2011 est.)
GDP - per capita (PPP)$43,000 (2013 est.)
$42,500 (2012 est.)
$41,700 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 3.8%
industry: 27.4%
services: 68.7% (2013 est.)
Population below poverty lineNA%
Household income or consumption by percentage sharelowest 10%: 2%
highest 10%: 25.4% (1994)
Labor force - by occupationagriculture: 3.6%
industry: 21.1%
services: 75% (2009 est.)
Exports - commoditiescoal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment
Exports - partnersChina 29.5%, Japan 19.3%, South Korea 8%, India 4.9% (2012)
Agriculture - productswheat, barley, sugarcane, fruits; cattle, sheep, poultry
Budgetrevenues: $494.3 billion
expenditures: $514.4 billion (2013 est.)
Imports - commoditiesmachinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
Imports - partnersChina 18.4%, US 11.7%, Japan 7.9%, Singapore 6%, Germany 4.6%, Thailand 4.2%, South Korea 4.1% (2012)
Exchange ratesAustralian dollars (AUD) per US dollar -
1.031 (2013 est.)
0.9658 (2012 est.)
1.0902 (2010)
1.2822 (2009)
1.2059 (2008)
Exports$251.7 billion (2013 est.)
$257.9 billion (2012 est.)
Debt - external$1.506 trillion (31 December 2013 est.)
$1.497 trillion (31 December 2012 est.)
Fiscal year1 July - 30 June
Imports$245.8 billion (2013 est.)
$263 billion (2012 est.)
Industrial production growth rate3.2% (2013 est.)
Industriesmining, industrial and transportation equipment, food processing, chemicals, steel
Inflation rate (consumer prices)2.4% (2013 est.)
1.8% (2012 est.)
Labor force12.44 million (2013 est.)
Unemployment rate5.7% (2013 est.)
5.2% (2012 est.)
Distribution of family income - Gini index30.3 (2008)
35.2 (1994)
Public debt32.6% of GDP (2013 est.)
32.4% of GDP (2012 est.)
Current account balance-$44.9 billion (2013 est.)
-$57.14 billion (2012 est.)
Reserves of foreign exchange and gold$48.8 billion (31 December 2013 est.)
$49.15 billion (31 December 2012 est.)
GDP (official exchange rate)$1.488 trillion (2013 est.)
Stock of direct foreign investment - at home$661.6 billion (31 December 2013 est.)
$610.8 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$440.1 billion (31 December 2013 est.)
$426 billion (31 December 2012 est.)
Market value of publicly traded shares$NA (31 December 2012 est.)
$1.198 trillion (31 December 2011)
$1.455 trillion (31 December 2010 est.)
Central bank discount rate3% (February 2013 est.)
4.35% (31 December 2010 est.)
note: this is the Reserve Bank of Australia's "cash rate target," or policy rate
Commercial bank prime lending rate6.2% (31 December 2013 est.)
6.98% (31 December 2012 est.)
Stock of domestic credit$2.222 trillion (31 December 2013 est.)
$2.255 trillion (31 December 2012 est.)
Stock of narrow money$526.5 billion (31 December 2013 est.)
$534.8 billion (31 December 2012 est.)
Stock of broad money$1.661 trillion (31 December 2013 est.)
$1.648 trillion (31 December 2012 est.)
Taxes and other revenues33.2% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-1.3% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 54.6%
government consumption: 17.8%
investment in fixed capital: 27.4%
investment in inventories: 0.1%
exports of goods and services: 20.9%
imports of goods and services: -20.8%
(2013 est.)
Gross national saving24.4% of GDP (2013 est.)
25.2% of GDP (2012 est.)
25.1% of GDP (2011 est.)