| Economy
- overview: |
Australia has a prosperous
Western-style capitalist economy, with a per capita GDP at the level of
the four dominant West European economies. Rich in natural resources,
Australia is a major exporter of agricultural products, minerals,
metals, and fossil fuels. Commodities account for 57% of the value of
total exports, so that a downturn n world commodity prices can have a
big impact on the economy. The government is pushing for increased
exports of manufactured goods, but competition in international markets
continues to be severe. While Australia has suffered from the low growth
and high unemployment characterizing the OECD countries in the early
1990s and during the recent financial problems in East Asia, the economy
has expanded at a solid 4% annual growth pace in the last five years.
Canberra's emphasis on reforms is a key factor behind the economy's
resilience to the regional crisis and its stronger than expected growth
rate. Growth in 2001 will depend on key international commodity prices,
the extent of recovery in nearby Asian economies, and the strength of US
and European markets. |
| GDP: |
purchasing power parity -
$445.8 billion (2000 est.) |
| GDP
- real growth rate: |
4.7% (2000 est.) |
| GDP
- per capita: |
purchasing power parity -
$23,200 (2000 est.) |
| GDP
- composition by sector: |
agriculture: 3%
industry: 26%
services: 71% (1999 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): |
1.4% (2000 est.) |
| Labor
force: |
9.5 million (December 1999) |
| Labor
force - by occupation: |
services 73%, industry 22%,
agriculture 5% (1997 est.) |
| Unemployment
rate: |
6.4% (2000) |
| Budget: |
revenues: $94
billion
expenditures: $103 billion, including capital expenditures
of $NA (1999 est.) |
| Industries: |
mining, industrial and
transportation equipment, food processing, chemicals, steel |
| Industrial
production growth rate: |
1.5% (1999 est.) |
| Electricity
- production: |
191.727 billion kWh (1999) |
| Electricity
- production by source: |
fossil fuel:
89.93%
hydro: 8.36%
nuclear: 0%
other: 1.71% (1999) |
| Electricity
- consumption: |
178.306 billion kWh (1999) |
| Electricity
- exports: |
0 kWh (1999) |
| Electricity
- imports: |
0 kWh (1999) |
| Agriculture
- products: |
wheat, barley, sugarcane,
fruits; cattle, sheep, poultry |
| Exports: |
$69 billion (f.o.b., 2000
est.) |
| Exports
- commodities: |
coal, gold, meat, wool,
alumina, iron ore, wheat, machinery and transport equipment |
| Exports
- partners: |
Japan 19%, EU 14%, ASEAN 12%,
US 9%, South Korea, NZ, Taiwan, Hong Kong, China (1999) |
| Imports: |
$77 billion (f.o.b., 2000
est.) |
| Imports
- commodities: |
machinery and transport
equipment, computers and office machines, telecommunication equipment
and parts; crude oil and petroleum products |
| Imports
- partners: |
EU 24%, US 22%, Japan 14%,
ASEAN 13% (1999) |
| Debt
- external: |
$220.6 billion (2000) |
| Economic
aid - donor: |
ODA, $1.43 billion (FY97/98) |
| Currency: |
Australian dollar (AUD) |
| Exchange
rates: |
Australian dollars per US
dollar - 1.7995 (January 2001), 1.7173 (2000), 1.5497 (1999), 1.5888
(1998), 1.3439 (1997), 1.2773 (1996) |
| Fiscal
year: |
1 July - 30 June |
|
