An Overview of the Economy
Australia is a very independent country with a strong economy.
Rich in natural resources, the country produces almost all of its
foodstuffs, and is a major exporter of agricultural goods such as
wool, livestock, wheat and minerals. The economy relies heavily on
trade to remain stable, but with its location so far from other
well populated countries, the government is trying to improve other
sectors so the economy isn't solely reliant on one source of
income. The economy has seen an extra boost from the expansion of
the natural resources mining industry and this looks set to
continue for the near future, continuing to create demand for
property.
| statistics |
|
| GDP (PPP) (IMF) (US$Billions) |
760.8 |
| GDP (PPP) (CIA) (US$Billions) |
760.8 |
| GDP Growth (IMF) (%) |
3.9% |
| GDP Growth (CIA) (%) |
3.9% |
| GDP Per Capita (PPP) (IMF) (US$) |
36,258 |
| GDP Per Capita (PPP) (CIA) (US$) |
36,300 |
| GDP by Sector |
Agriculture: 3%
Services: 70.6%
Industries: 26.4% |
| Inflation (%) |
2.3% |
| Population Below the Poverty Line (%) |
- |
| Labour Force (Millions) |
10.95 |
| Labour Force by Occupation |
Agriculture: 3.6%
Services: 75.2%
Industries: 21.2% |
| Unemployment (%) |
4.4% |
| Main Industries |
Mining, industrial and transportation equipment
food processing, chemicals, steel. |
Sources: CIA World Factbook, IMF
GDP
| Economic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US%Billions) |
527.56 |
640.51 |
713.17 |
755.66 |
908.83 |
| GDP Annual Growth (%) |
3.0% |
3.8% |
2.8% |
2.8% |
3.9% |
| GDP Per Capita (US$) |
26,485 |
31,758 |
34,887 |
36,442 |
43,312 |
| GDP Per Capita (PPP) (US$) |
30,111 |
31,551 |
32,897 |
34,375 |
36,258 |
| Inflation (%) |
2.8% |
2.3% |
2.7% |
3.5% |
2.3% |
| Unemployment (%) |
5.9% |
5.4% |
5.0% |
4.8% |
4.4% |
| Mobile Phone Users |
8,600,000 |
14,347,000 |
14,347,000 |
18,420,000 |
19,760,000 |
| Internet Users |
10,630,000 |
9,472,000 |
9,472,000 |
14,663,622 |
15,300,000 |
Source: IMF, CIA World Factbook
Major Exports & Imports
Australia has a very good trading industry with manufactured
products, metals, minerals, coal and beef as some of the country's
main exports. As Australia is very self sufficient with basic
living needs, the country's main imports consist of machinery,
transportation and telecommunications equipment, computers and
office machines.
Major Exports 2007
Coal, gold, meat, wool, iron ore, alumina, wheat, machinery and
transport equipment.
Major Imports 2007
Machinery and transport equipment, computers and office
machines, telecommunication equipment and parts, crude oil and
petroleum products.
| Major exports 2007 |
% of total |
| Japan |
19.6% |
| China |
12.3% |
| South Korea |
7.5% |
| US |
6.2% |
| India |
5.5% |
| New Zealand |
5.5% |
| UK |
5% |
| major imports 2007 |
% of total |
| China |
14.4% |
| US |
14.1% |
| Japan |
9.6% |
| Singapore |
6% |
| Germany |
5.1% |
Souce: CIA World Factbook
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