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World > Australia > Australia > Economy (Facts)

Australia - Economy (Facts)
Economy - overview: Australia has an enviable Western-style capitalist 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. Australia's emphasis on reforms, low inflation, and growing ties with China are other key factors behind the economy's strength. Drought and strong import demand pushed the trade deficit up in recent years, although the trade balance improved in 2006. Housing prices probably peaked in 2005, diminishing the prospect that interest rates would be raised to prevent a speculative bubble. Conservative fiscal policies have kept Australia's budget in surplus since 2002.
GDP - real growth rate: 2.7% (2006 est.)
GDP (purchasing power parity): $674.6 billion (2006 est.)
GDP (official exchange rate): $644.7 billion (2006 est.)
GDP - per capita (PPP): $33,300 (2006 est.)
GDP - composition by sector: agriculture: 3.8%
industry: 26.2%
services: 70% (2005 est.)
Population below poverty line: NA
Household income or consumption by percentage share: lowest 10%: 2%
highest 10%: 25.4% (1994)
Inflation rate (consumer prices): 3.8% (2006 est.)
Labor force: 10.66 million (2006 est.)
Labor force - by occupation: agriculture: 3.6%
industry: 21.2%
services: 75.2% (2004 est.)
Unemployment rate: 4.9% (2006 est.)
Budget: revenues: $267 billion
expenditures: $258 billion; including capital expenditures of NA (2006 est.)
Industries: mining, industrial and transportation equipment, food processing, chemicals, steel
Industrial production growth rate: -3.5% (2006 est.)
Electricity - production: 225.3 billion kWh (2004)
Electricity - consumption: 209.5 billion kWh (2004)
Electricity - exports: 0 kWh (2004)
Electricity - imports: 0 kWh (2004)
Oil - production: 530,000 bbl/day (2005 est.)
Oil - consumption: 877,300 bbl/day (2004 est.)
Oil - exports: 333,200 bbl/day (2004)
Oil - imports: 611,400 bbl/day (2004)
Oil - proved reserves: 1.491 billion bbl (1 January 2005)
Natural gas - production: 37.03 billion cu m (2004 est.)
Natural gas - exports: 10.66 billion cu m (2004 est.)
Natural gas - imports: 0 cu m (2004 est.)
Agriculture - products: wheat, barley, sugarcane, fruits, cattle, sheep, poultry
Exports: $117 billion (2006 est.)
Exports - commodities: coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment
Exports - partners: Japan 19.6%, China 12.3%, South Korea 7.5%, US 6.2%, India 5.5%, NZ 5.5%, UK 5% (2006)
Imports: $127.7 billion (2006 est.)
Imports - commodities: machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
Imports - partners: China 14.4%, US 14.1%, Japan 9.6%, Singapore 6%, Germany 5.1% (2006)
Debt - external: $585.1 billion (30 June 2006 est.)
Currency: Australian Dollar (AUD)

Current Australian Dollar Exchange Rates
Historical Australian Dollar Exchange Rates
Chart Australian Dollar Exchange Rates
Currency code: AUD
Exchange rates: Australian dollars per US dollar - 1.3285 (2006), 1.3095 (2005), 1.3598 (2004), 1.5419 (2003), 1.8406 (2002)
Fiscal year: 1 July - 30 June


Facts at a Glance: Geography - People - Government - Economy - Communications - Transportation - Military - Climate - Current Time - Ranking Positions - Australian Dollar Exchange Rates
Notes and Commentary: People - Economy - Government and Political Conditions - Historical Highlights - Foreign Relations - Relations with U.S.



Facts at a Glance
Geography
People
Government
Economy
Communications
Transportation
Military
Climate
Current Time
Ranking Positions
Australian Dollar Exchange Rates


Notes and Commentary
People
Economy
Government and Political Conditions
Historical Highlights
Foreign Relations
Relations with U.S.





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