Australia Economy

Is Australia a rich country?

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.

Australia Economy Data

What is the GDP of Australia?

GDP - Gross Domestic Product (PPP) $1,189,000,000,000 (USD)
GDP - official exchange rate $1,257,000,000,000 (USD)
GDP - real growth rate 2.9%
GDP Per Capita $48,800.00 (USD)
GDP by Sector- agriculture 3.6%
GDP by Sector- Industry 28.2%
GDP by Sector- services 68.2%
GDP - composition, by end use household consumption: 58.5%

government consumption: 18.7%

investment in fixed capital: 24.3%

investment in inventories: 0%

exports of goods and services: 19.4%

imports of goods and services: -20.9%
Inflation Rate 1.4%
Labor Force 12,630,000
Labor Force By Occupation- agriculture 3.6%
Labor Force By Occupation- industry 21.1%
Labor Force By Occupation- services 75.3%
Unemployment Rate 5.8%
Fiscal Year 1 July - 30 June
Annual Budget $420,500,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -2.1%
Public Debt (% of GDP) 46.1%
Taxes and other revenues - percent of GDP 33.5%
Major Industries mining, industrial and transportation equipment, food processing, chemicals, steel
Industrial Growth Rate 2%
Agriculture Products wheat, barley, sugarcane, fruits; cattle, sheep, poultry
Currency Code 1.352
Commercial Bank Prime Lending Rate 5.1%

Labor Force by Occupation- As reported by Australia

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