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Australia Economy 2020

SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES











Australia Economy 2020
SOURCE: 2020 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 27, 2020

Economy - overview:
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 WTO, APEC, the G20, and other trade forums. Australia’s free trade agreement (FTA) with China entered into force in 2015, adding to existing FTAs with the Republic of Korea, Japan, Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, and a regional FTA with ASEAN and New Zealand. Australia continues to negotiate bilateral agreements with Indonesia, as well as larger agreements with its Pacific neighbors and the Gulf Cooperation Council countries, and an Asia-wide Regional Comprehensive Economic Partnership that includes the 10 ASEAN countries and China, Japan, Korea, New Zealand, and India.

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.

For nearly two decades up till 2017, Australia had benefited from a dramatic surge in its terms of trade. As export prices increased faster than import prices, the economy experienced continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system. Australia entered 2018 facing a range of growth constraints, principally driven by the sharp fall in global prices of key export commodities. Demand for resources and energy from Asia and especially China is growing at a slower pace and sharp drops in export prices have impacted growth.

GDP (purchasing power parity):
$1.248 trillion (2017 est.)
$1.221 trillion (2016 est.)
$1.19 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 19
[see also: GDP country ranks ]
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.38 trillion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
2.2% (2017 est.)
2.6% (2016 est.)
2.5% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 144
[see also: GDP - real growth rate country ranks ]
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$50,400 (2017 est.)
$50,100 (2016 est.)
$49,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 29
[see also: GDP - per capita country ranks ]
[see also: GDP - per capita country ranks ]

Gross national saving:
21% of GDP (2017 est.)
20.5% of GDP (2016 est.)
21.5% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 88
[see also: Gross national saving country ranks ]
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 56.9% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.4% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 24.1% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.1% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 21.5% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -21% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 3.6%
[see also: Labor force - by occupation - agriculture country ranks ] (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 25.3% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 71.2% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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

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

Industrial production growth rate:
1.4% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 144
[see also: Industrial production growth rate country ranks ]
[see also: Industrial production growth rate country ranks ]

Labor force:
12.91 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 44
[see also: Labor force country ranks ]
[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%
[see also: Labor force - by occupation - industry country ranks ]
services: 75.3% (2009 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5.6% (2017 est.)
5.7% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 81
[see also: Unemployment rate country ranks ]
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA
[see also: Population below poverty line country ranks ]
[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)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
30.3 (2008)
35.2 (1994)
country comparison to the world (CIA rank, may be based on non-current data): 133
[see also: Distribution of family income - Gini index country ranks ]
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 490 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 496.9 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
35.5% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 61
[see also: Taxes and other revenues country ranks ]
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-0.5% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 60
[see also: Budget surplus (+) or deficit (-) country ranks ]
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
40.8% of GDP (2017 est.)
40.6% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 123
[see also: Public debt country ranks ]
[see also: Public debt country ranks ]

Fiscal year:
1 July - 30 June

Inflation rate (consumer prices):
2% (2017 est.)
1.3% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 103
[see also: Inflation rate (consumer prices) country ranks ]
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
3% (28 February 2013)
4.35% (31 December 2010)
note: this is the Reserve Bank of Australia's "cash rate target," or policy rate
country comparison to the world (CIA rank, may be based on non-current data): 108
[see also: Central bank discount rate country ranks ]
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
5.24% (31 December 2017 est.)
5.42% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 146
[see also: Commercial bank prime lending rate country ranks ]
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$277.7 billion (31 December 2017 est.)
$243.6 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 17
[see also: Stock of narrow money country ranks ]
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$277.7 billion (31 December 2017 est.)
$243.6 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 17
[see also: Stock of broad money country ranks ]
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$2.384 trillion (31 December 2017 est.)
$2.097 trillion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 11
[see also: Stock of domestic credit country ranks ]
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.187 trillion (31 December 2015 est.)
$1.289 trillion (31 December 2014 est.)
$1.366 trillion (31 December 2013 est.)
country comparison to the world (CIA rank, may be based on non-current data): 12
[see also: Market value of publicly traded shares country ranks ]
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$36.01 billion (2017 est.)
-$41.45 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 201
[see also: Current account balance country ranks ]
[see also: Current account balance country ranks ]

Exports:
$231.6 billion (2017 est.)
$191.7 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 22
[see also: Exports country ranks ]
[see also: Exports country ranks ]

Exports - partners:
China 33.5%, Japan 14.6%, South Korea 6.6%, India 5%, Hong Kong 4% (2017)

Exports - commodities:
iron ore, coal, gold, natural gas, beef, aluminum ores and conc, wheat, meat (excluding beef), wool, alumina, alcohol

Imports:
$221 billion (2017 est.)
$198.7 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 24
[see also: Imports country ranks ]
[see also: Imports country ranks ]

Imports - commodities:
motor vehicles, refined petroleum, telecommunication equipment and parts; crude petroleum, medicaments, goods vehicles, gold, computers

Imports - partners:
China 22.9%, US 10.8%, Japan 7.5%, Thailand 5.1%, Germany 4.9%, South Korea 4.5% (2017)

Reserves of foreign exchange and gold:
$66.58 billion (31 December 2017 est.)
$55.07 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 33
[see also: Reserves of foreign exchange and gold country ranks ]
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.714 trillion (31 December 2017 est.)
$1.547 trillion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 11
[see also: Debt - external country ranks ]
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$700.6 billion (31 December 2017 est.)
$617.7 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 15
[see also: Stock of direct foreign investment - at home country ranks ]
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$509.7 billion (31 December 2017 est.)
$441.4 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 17
[see also: Stock of direct foreign investment - abroad country ranks ]
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Australian dollars (AUD) per US dollar -
1.311 (2017 est.)
1.3442 (2016 est.)
1.3442 (2015 est.)
1.3291 (2014 est.)
1.1094 (2013 est.)


NOTE: 1) The information regarding Australia on this page is re-published from the 2020 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Australia Economy 2020 information contained here. All suggestions for corrections of any errors about Australia Economy 2020 should be addressed to the CIA or the source cited on each page.
2) The rank that you see is the CIA reported rank, which may have the following issues:
  a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assigns counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order.






This page was last modified 27-Jan-20
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