Australia Economy
Economy - overviewAustralia 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 $18 billion in 2003 and to $20 billion in 2004 from $8 billion in 2002. One other concern is the domestic housing bubble.
GDP
purchasing power parity - $571.4 billion (2003 est.)
GDP - real growth rate
3% (2003 est.)
GDP - per capita
purchasing power parity - $29,000 (2003 est.)
GDP - composition by sector
agriculture: 3.5%
industry: 26.3%
services: 70.2% (2003 est.)
Investment
24.8% of GDP (2003)
Population below poverty line
NA
Household income or consumption by percentage share
lowest 10%: 2%
highest 10%: 25.4% (1994)
Distribution of family income - Gini index
35.2 (1994)
Inflation rate
2.8% (2003 est.)
Labor force
10.19 million (37256)
Labor force - by occupation
agriculture 5%, industry 22%, services 73% (1997 est.)
Unemployment rate
6% (2003)
Budget
revenues: $185 billion
expenditures: $181 billion, including capital expenditures of NA (2003)
Public debt
18.2% of GDP (2003)
Agriculture - products
wheat, barley, sugarcane, fruits; cattle, sheep, poultry
Industries
mining, industrial and transportation equipment, food processing, chemicals, steel
Industrial production growth rate
-0.1% (2003 est.)
Electricity - production
198.2 billion kWh (2001)
Electricity - consumption
184.4 billion kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
731,000 bbl/day (2001 est.)
Oil - consumption
796,500 bbl/day (2001 est.)
Oil - exports
523,400 bbl/day (2001)
Oil - imports
530,800 bbl/day (2001)
Oil - proved reserves
3.664 billion bbl (1 January 2002)
Natural gas - production
33.08 billion cu m (2001 est.)
Natural gas - consumption
23.33 billion cu m (2001 est.)
Natural gas - exports
9.744 billion cu m (2001 est.)
Natural gas - imports
0 cu m (2001 est.)
Natural gas - proved reserves
2.407 trillion cu m (1 January 2002)
Current account balance
$-30.14 billion (2003)
Exports
$68.67 billion (2003 est.)
Exports - commodities
coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment
Exports - partners
Japan 18.1%, US 8.7%, China 8.4%, South Korea 7.4%, New Zealand 7.4%, UK 6.7% (2003)
Imports
$82.91 billion (2003 est.)
Imports - commodities
machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
Imports - partners
US 16%, Japan 12.5%, China 11%, Germany 6.1%, UK 4.2% (2003)
Reserves of foreign exchange & gold
$33.26 billion (2003)
Debt - external
$233.5 billion (2003 est.)
Currency
Australian dollar (AUD)
Currency code
AUD
Exchange rates
Australian dollars per US dollar - 1.5419 (2003), 1.8406 (2002), 1.9334 (2001), 1.7248 (2000), 1.55 (1999)
