Economy Of Australia
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Economy overview
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Australia has an enviable Western-style capitalist economy, with a per capita GDP on par with the four dominant West European economies. Rising output in the domestic economy has been offsetting the global slump, and business and consumer confidence remains robust. Australia's emphasis on reforms, low inflation, and growing ties with China are other key factors behind the economy's strength. The impact of drought, weak foreign demand, and strong import demand pushed the trade deficit up to $14 billion in 2003 and to $11 billion in 2004 from $5 billion in 2002. One other concern is the domestic housing bubble.
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GDP
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purchasing power parity - $571.4 billion (2004 est.)
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GDP - real growth rate
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3% (2004 est.)
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GDP - per capita
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purchasing power parity - $29,000 (2004 est.)
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GDP - composition by sector
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agriculture: 3.5%
industry: 26.3%
services: 70.2% (2004 est.)
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Investment gross fixed
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24.8% of GDP (2004 est.)
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Population below poverty line
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NA
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Household income or consumption by percentage share
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lowest 10%: 2%
highest 10%: 25.4% (1994)
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Distribution of family income - Gini index
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35.2 (1994)
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Inflation rate consumer prices
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2.8% (2004 est.)
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Labor force
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10.19 million (2004 est.)
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Labor force by occupation
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agriculture 5%, industry 22%, services 73% (1997 est.)
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Unemployment rate
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6% (2004 est.)
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Budget
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revenues: $185 billion
expenditures: $181 billion, including capital expenditures of NA (2004 est.)
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Public debt
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18.2% of GDP (2004 est.)
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Agriculture products
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wheat, barley, sugarcane, fruits; cattle, sheep, poultry
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Industries
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mining, industrial and transportation equipment, food processing, chemicals, steel
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Industrial production growth rate
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-0.1% (2004 est.)
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Electricity production
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198.2 billion kWh (2001)
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Electricity production by source
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fossil fuel: 90.8%
hydro: 8.3%
other: 0.9% (2001)
nuclear: 0%
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Electricity consumption
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184.4 billion kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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731,000 bbl/day (2004 est.)
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Oil consumption
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796,500 bbl/day (2001 est.)
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Oil exports
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523,400 bbl/day (2001)
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Oil imports
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530,800 bbl/day (2001)
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Oil proved reserves
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3.664 billion bbl (1 January 2002)
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Natural gas production
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33.08 billion cu m (2001 est.)
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Natural gas consumption
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23.33 billion cu m (2001 est.)
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Natural gas exports
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9.744 billion cu m (2001 est.)
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Natural gas imports
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0 cu m (2001 est.)
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Natural gas proved reserves
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2.407 trillion cu m (1 January 2002)
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Current account balance
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$-30.14 billion (2004 est.)
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Exports
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$68.67 billion (2004 est.)
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Exports commodities
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coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment
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Exports partners
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Japan 18.1%, US 8.7%, China 8.4%, South Korea 7.4%, New Zealand 7.4%, UK 6.7% (2003)
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Imports
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$82.91 billion (2003 est.)
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Imports commodities
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machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
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Imports partners
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US 16%, Japan 12.5%, China 11%, Germany 6.1%, UK 4.2% (2003)
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Reserves of foreign exchange gold
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$33.26 billion (2004 est.)
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Debt external
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$233.5 billion (2004 est.)
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Economic aid recipient
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Currency
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Australian dollar (AUD)
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Currency code
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AUD
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Exchange rates
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Australian dollars per US dollar - 1.5419 (2003), 1.8406 (2002), 1.9334 (2001), 1.7248 (2000), 1.55 (1999)
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Fiscal year
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1 July - 30 June
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This information was reproduced in part from the CIA World Fact book.
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