| People | Australia |
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Economy - overview:
|
Australia has an enviable, strong economy with a per capita GDP on par with the four dominant West European economies. Robust business and consumer confidence and high export prices for raw materials and agricultural products are fueling the economy, particularly in mining states. Australia's emphasis on reforms, low inflation, a housing market boom, and growing ties with China have been key factors behind the economy's 16 solid years of expansion. Drought, robust import demand, and a strong currency have pushed the trade deficit up in recent years, while infrastructure bottlenecks and a tight labor market are constraining growth in export volumes and stoking inflation. Australia's budget has been in surplus since 2002 due to strong revenue growth. |
GDP (purchasing power parity):
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$760.8 billion (2007 est.) |
GDP (official exchange rate):
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$908.8 billion (2007 est.) |
GDP - real growth rate:
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3.9% (2007 est.) |
GDP - per capita (PPP):
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$36,300 (2007 est.) |
GDP - composition by sector:
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agriculture: 3%
industry: 26.4%
services: 70.6% (2007 est.) |
Investment (gross fixed):
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27.3% of GDP (2007 est.) |
Population below poverty line:
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NA% |
Household income or consumption by percentage share:
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lowest 10%: 2%
highest 10%: 25.4% (1994) |
Distribution of family income - Gini index:
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30.5 (2006) |
Inflation rate (consumer prices):
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2.3% (2007 est.) |
Labor force:
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10.95 million (2007 est.) |
Labor force participation rate:
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53.15 % of population |
Labor force - by occupation:
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agriculture: 3.6%
industry: 21.2%
services: 75.2% (2004 est.) |
Unemployment rate:
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4.4% (2007 est.) |
Budget:
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revenues: $321.3 billion
expenditures: $309.1 billion (2007 est.) |
Budget revenues per capita:
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15,597 USD per capita |
Public debt:
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15.4% of GDP
note: The Commonwealth government eliminated its net debt in 2006, but continues a gross debt issue to support the market for risk-free securities. (2007 est.) |
Industries:
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mining, industrial and transportation equipment, food processing, chemicals, steel |
Industrial production growth rate:
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3.8% (2007 est.) |
Electricity - production:
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236.7 billion kWh (2005) |
Electricity - production per capita:
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11,490 kWh per capita |
Electricity - consumption:
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219.8 billion kWh (2005) |
Electricity - consumption - per capita:
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10,670 kWh per capita |
Electricity - exports:
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0 kWh (2005) |
Electricity - imports:
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0 kWh (2005) |
Oil - production:
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572,400 bbl/day (2005 est.) |
Oil - production per capita:
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27,786 bbl/day per capita |
Oil - consumption:
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903,200 bbl/day (2005 est.) |
Oil - consumption - per capita:
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16.00 bbl/year per capita |
Oil - exports:
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333,200 bbl/day (2004) |
Oil - imports:
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611,400 bbl/day (2004) |
Oil - proved reserves:
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1.437 billion bbl (1 January 2006 est.) |
Natural gas - production:
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38.62 billion cu m (2005 est.) |
Natural gas - production per capita:
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1,875 cu m per capita |
Natural gas - consumption:
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25.72 billion cu m (2005 est.) |
Natural gas - consumption - per capita:
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1,249 cu m per capita |
Natural gas - exports:
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12.9 billion cu m (2005 est.) |
Natural gas - imports:
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0 cu m (2005) |
Natural gas - proved reserves:
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750.6 billion cu m (1 January 2006 est.) |
Agriculture - products:
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wheat, barley, sugarcane, fruits, cattle, sheep, poultry |
Current account balance:
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-$56.2 billion (2007 est.) |
Current account balance - per capita:
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-2,728 USD per capita |
Exports:
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$141.7 billion (2007 est.) |
Exports per capita:
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6,879 USD per capita |
Exports - commodities:
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coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment |
Exports - partners:
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Japan 19.1%, China 14.3%, South Korea 8%, India 5.9%, US 5.8%, NZ 5.2% (2006) |
Imports:
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$159.4 billion (2007 est.) |
Imports per capita:
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7,738 USD per capita |
Imports - commodities:
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machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products |
Imports - partners:
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China 14.5%, US 13%, Japan 9.6%, Singapore 6.2%, Germany 5.2%, UK 4.5%, Thailand 4% (2006) |
Reserves of foreign exchange and gold:
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$26.91 billion (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
1,307 USD per capita |
Debt - external:
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$824.9 billion (30 June 2007) |
Debt - external - per capita:
|
40,043 USD per capita |
Stock of direct foreign investment - at home:
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$279 billion (2007 est.) |
Stock of direct foreign investment - abroad:
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$257.9 billion (2007 est.) |
Market value of publicly traded shares:
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$804.1 billion (2005) |
Economic aid - donor:
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ODA, $2.123 billion (2006) |
Economic aid - recipient:
|
void |
Economic aid - recipient per capita:
|
void |
Currency (code):
|
Australian dollar (AUD) |
Exchange rates:
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Australian dollars per US dollar - 1.2137 (2007), 1.3285 (2006), 1.3095 (2005), 1.3598 (2004), 1.5419 (2003) |
Fiscal year:
|
1 July - 30 June |
|
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