AUSTRALIA

COUNTRIES A-Z

Australia Economy

Country Name: Commonwealth of Australia

Capital City: Canberra

Population: 20,264,082 (2006)

Population Growth: 0.85% (2006)

Currency: Australian dollar (AUD)

Languages: English

Area: 7,686,850 sq km

Inflation Rate: 3.8% (2006 est.)

Unemployment Rate: 4.9% (2006)

Domain extension: .au

ECONOMIC DETAILS OF AUSTRALIA

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 - purchasing power parity:

$674.6 billion (2006 est.)

GDP - real growth rate:

2.7% (2006 est.)

GDP - per capita:

$33,300 (2006 est.)

GDP - by sector (agriculture):

agriculture: 3.8%

GDP - by sector (industry):

industry: 26.2%

GDP - by sector (services):

services: 70% (2005 est.)

Export Partners:

Japan 19.6%, China 12.3%, South Korea 7.5%, US 6.2%, India 5.5%, NZ 5.5%, UK 5% (2006)

Import Partners:

China 14.4%, US 14.1%, Japan 9.6%, Singapore 6%, Germany 5.1% (2006)

Export Commodities:

coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment

Import Commodities:

machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products

Exports Volume:

$117 billion (2006 est.)

Imports Volume:

$127.7 billion (2006 est.)

Labour Force:

10.66 million (2006 est.)

Unemployment Rate:

4.9% (2006 est.)

Population below poverty line:

NA%

Inflation Rate:

3.8% (2006 est.)

Investment (gross fixed):

26.8% of GDP (2006 est.)

Public Debt:

14.1% of GDP (2006 est.)

Agriculture Products:

wheat, barley, sugarcane, fruits, cattle, sheep, poultry

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:

523,400 bbl/day (2001)

Oil - imports:

530,800 bbl/day (2001)

Natural gas - production:

37.03 billion cu m (2004 est.)

Natural gas - consumption:

Natural gas - exports:

Natural gas - imports:

Current Account Balance:

-$41.62 billion (2006 est.)

Currency Code:

Australian dollar (AUD)