Economic Trends/Outlook in Australia
Australia is the world’s thirteenth largest economic power. After a slowing down due to global recession, in 2010 the Australian economy has been growing again, with an estimated growth rate of 3 % of the GDP. This good economic performance owes to the government’s fiscal policy of incentives, by the increase in household consumption and especially by the continuous Chinese demand which helps exports.
The Australian government’s priorities are to improve the country’s competitiveness, namely with regards to the export competition of Asian countries and to deal with the challenges of its aging population and its environment which is vulnerable to climatic problems (droughts).
Australia is a prosperous country and its per capita GDP is amongst the highest in the world. Despite the recent increase in unemployment rate due to the global economic crisis, it remains consistently low, around 5%.
|GDP (billions USD)||987.81||1,235.54e||1,448.15e||1,470.03e||1,574.00e|
|GDP (Constant Prices, Annual % Change)||1.3||2.7e||3.0e||3.5e||3.5e|
|GDP per Capita (USD)||44,999||55,590e||64,351e||64,517e||68,227e|
|General Government Balance (in % of GDP)||-4.0||-4.5e||-2.5e||-0.8e||-0.2e|
|General Government Gross Debt (in % of GDP)||17.6||22.3e||24.1e||24.8e||23.3e|
|Inflation Rate (%)||1.8||2.8e||3.0e||3.0e||2.8e|
|Unemployment Rate (% of the Labor Force)||5.6||5.2e||5.0e||4.8e||4.8e|
|Current Account (billions USD)||-40.94e||-41.58e||-45.76e||-61.56e||-|
|Current Account (in % of GDP)||-4.1e||-3.5e||-3.7e||-4.8e||-|
Source: IMF - World Economic Outlook Database
Note: (e) Estimated Data
Main Sectors of Industry
The tertiary sector occupies a dominant position in the Australian economy (more than three-fourths of the GDP), but the agricultural and mining sectors are the most important for its exports. Australia is a vast agricultural country and one of the world's main exporters of wool, meat, wheat and cotton. The country is overflowing with mineral and energy raw materials, the export of which ensures it substantial revenues. Australia is among the top 10 producers and exporters of most mineral ores. It has the world's greatest reserves of numerous strategic resources such as uranium, of which it has 40% of the world's proven reserves.
Traditionally Australia is a finished goods importer. Its industrialization is fairly recent, a fact which explains the small scale of its manufacturing sector, which only employs 10% of the active population. The manufacturing industry is built up around the food industry (approximately a fifth of the workforce), machinery and equipment (around 20%), metal processing and metal goods (nearly 20%) and the chemical-petrochemical industry (slightly more than 10%).
|Breakdown of Economic Activity By Sector||Agriculture||Industry||Services|
|Employment By Sector (in % of Total Employment)||3.4||21.2||75.1|
|Value Added (in % of GDP)||2.5||29.1||68.4|
|Value Added (Annual % Change)||6.9||3.6||4.0|
Source: World Bank - Last Available Data.
Indicator of Economic Freedom
- World Rank:
- Regional Rank:
Sources of General Economic Information
Department of Foreign Affairs and Trade (DFAT)
Australian Government Agriculture Portal
Minister for Finance and Deregulation
Ministers for Innovation, Industry, Science and Research
Australian Bureau of Agricultural and Resource Economics (ABARE)
- Statistical Office
Australian Bureau of Statistics
- Central Bank
Reserve Bank of Australia
- Stock Exchange
Australian Stock Exchange
- Other Useful Resources
Business Council of Australia (BCA)
National Office for the Information Economy (NOIE)
- Main Online Newspapers
The Australian Financial Review
Business Review Weekly
Sydney Morning Herald
The Daily Telegraph
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