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Australia Economy 2014
http://www.theodora.com/wfbcurrent/australia/australia_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on December 17, 2013

Economy - overview:
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.

GDP (purchasing power parity):
$961 billion (2012 est.)
country comparison to the world: 19

$927 billion (2011 est.)
$905.1 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.521 trillion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.7% (2012 est.)
country comparison to the world: 94

2.4% (2011 est.)
2.6% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$42,000 (2012 est.)
country comparison to the world: 22

$41,200 (2011 est.)
$40,800 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
25.2% of GDP (2012 est.)
country comparison to the world: 46

25.1% of GDP (2011 est.)
24.1% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 54.9%
government consumption: 18.2%
investment in fixed capital: 28.5%
investment in inventories: 0.4%
exports of goods and services: 20.1%
imports of goods and services: -22%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 3.9%
industry: 27.2%
services: 68.9% (2012 est.)

Agriculture - products:
wheat, barley, sugarcane, fruits; cattle, sheep, poultry

Industries:
mining, industrial and transportation equipment, food processing, chemicals, steel

Industrial production growth rate:
3.5% (2012 est.)
country comparison to the world: 80
[see also: Industrial production growth rate country ranks ]

Labor force:
12.15 million (2012 est.)
country comparison to the world: 43
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 3.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21.1%
services: 75% (2009 est.)

Unemployment rate:
5.2% (2012 est.)
country comparison to the world: 47

5.1% (2011 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 25.4% (1994)

Distribution of family income - Gini index:
30.3 (2008)
country comparison to the world: 114

35.2 (1994)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $504.7 billion
[see also: Budget revenues country ranks ]
expenditures: $556.1 billion (2012 est.)

Taxes and other revenues:
33.2% of GDP (2012 est.)
country comparison to the world: 79
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3.4% of GDP (2012 est.)
country comparison to the world: 130
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
32.4% of GDP (2012 est.)
country comparison to the world: 110

27.1% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
1.8% (2012 est.)
country comparison to the world: 37

3.3% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3% (February 2013 est.)
country comparison to the world: 82

4.35% (31 December 2010 est.)
note: this is the Reserve Bank of Australia's "cash rate target," or policy rate
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6.98% (31 December 2012 est.)
country comparison to the world: 118

7.74% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$534.8 billion (31 December 2012 est.)
country comparison to the world: 10

$475.9 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.708 trillion (31 December 2012 est.)
country comparison to the world: 11

$1.501 trillion (31 December 2011 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.255 trillion (31 December 2012 est.)
country comparison to the world: 12

$2.061 trillion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.4 trillion (31 January 2013)
country comparison to the world: 13

$1.198 trillion (31 December 2011)
$1.455 trillion (31 December 2010)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$-57.14 billion (2012 est.)
country comparison to the world: 188

$-33.14 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$257.9 billion (2012 est.)
country comparison to the world: 23

$271.7 billion (2011 est.)
[see also: Exports country ranks ]

Exports - commodities:
coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment

Exports - partners:
China 29.5%, Japan 19.3%, South Korea 8%, India 4.9% (2012)

Imports:
$263 billion (2012 est.)
country comparison to the world: 21

$243.3 billion (2011 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products

Imports - partners:
China 18.4%, US 11.7%, Japan 7.9%, Singapore 6%, Germany 4.6%, Thailand 4.2%, South Korea 4.1% (2012)

Reserves of foreign exchange and gold:
$49.15 billion (31 December 2012 est.)
country comparison to the world: 39

$46.83 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.497 trillion (31 December 2012 est.)
country comparison to the world: 13

$1.383 trillion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$610.8 billion (31 December 2012 est.)
country comparison to the world: 13

$551.9 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$426 billion (31 December 2012 est.)
country comparison to the world: 16

$379.2 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Australian dollars (AUD) per US dollar -

0.97 (2012 est.)
0.97 (2011 est.)
1.09 (2010)
1.28 (2009)
1.21 (2008)


NOTE: The information regarding Australia on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Australia Economy 2014 information contained here. All suggestions for corrections of any errors about Australia Economy 2014 should be addressed to the CIA.



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