Australia: Economy

Economy - overview

Australia has a prosperous 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 is another key factor behind the economy's strength. The impact of drought, weak foreign demand, and strong import demand pushed the trade deficit up to $14 billion in 2003 from $5 billion in 2002.

GDP

purchasing power parity - $570.3 billion (2003 est.)

GDP - real growth rate

2.8% (2003 est.)

GDP - per capita

purchasing power parity - $28,900 (2003 est.)

GDP - composition by sector

agriculture: 3%
industry: 25%
services: 72% (2003 est.)

Population below poverty line

NA% (2001 est.)

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 (consumer prices)

2.7% (2003 est.)

Labor force

9.2 million (37256)

Labor force - by occupation

services 73%, industry 22%, agriculture 5% (1997 est.)

Unemployment rate

6.1% (2003)

Budget

revenues: $86.8 billion
expenditures: $84.1 billion, including capital expenditures of $NA (FY00/01 est.)

Industries

mining, industrial and transportation equipment, food processing, chemicals, steel

Industrial production growth rate

1.1% (2003 est.)

Electricity - production

198.2 billion kWh (2001)

Electricity - production by source

fossil fuel: 90.8%
hydro: 8.3%
other: 0.9% (2001)
nuclear: 0%

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)

Agriculture - products

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

Exports

$68.67 billion (2003 est.)

Exports - commodities

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

Exports - partners

Japan 18.5%, US 9.6%, South Korea 8.3%, China 6.9%, New Zealand 6.5%, UK 4.7%, Singapore 4.1%, Taiwan 4% (2002)

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 18.3%, Japan 12.3%, China 10.1%, Germany 5.7%, UK 4.6% (2002)

Debt - external

$193 billion (2003 est.)

Economic aid - donor

ODA, $894 million (FY99/00)

Currency

Australian dollar (AUD)

Currency code

AUD

Exchange rates

Australian dollars per US dollar - 1.54 (2003), 1.84 (2002), 1.93 (2001), 1.72 (2000), 1.55 (1999)

Fiscal year

1 July - 30 June