Overview: Australia has a diversified economy, with a relatively high level of prosperity. Per capita GDP for 1987 is estimated at $12,580--comparable to levels in industrialized West European countries. Rich in natural resources, Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels. Of the top 25 exports, 21 are primary products, so that, as happened during 1983-84, a downturn in world commodity prices can have a big impact on the economy. Growth in GNP remains sluggish with only a 1.7% increase estimated for 1987 and a similar rate projected for 1988. Unemployment rates remain high at 7%.

GNP: $202.2 billion, per capita $12,580; real growth rate 1.7% (FY87)

Inflation rate (consumer prices): 7.7% (1988)

Unemployment rate: 6.9% (December 1988)

Budget: revenues $78.7 billion; expenditures $73.8 billion, including capital expenditures of NA (FY88 est.)

Exports: $29.8 billion (f.o.b., FY88); @m5commodities--wheat, barley, beef, lamb, dairy products, wool, coal, iron ore; @m5partners--Japan 26%, US 11%, NZ 6%, South Korea 4%, Singapore 4%, USSR 3%

Imports: $32.1 billion (c.i.f., FY88); @m5commodities--manufactured raw materials, capital equipment, consumer goods; @m5partners--US 22%, Japan 22%, UK 7%, FRG 6%, NZ 4% (1984)

External debt: $79.6 billion (September 1988)

Industrial production: growth rate 5.6% (FY88)

Electricity: 36,588,000 kW capacity; 135,800 million kWh produced, 8,350 kWh per capita (1988)

Industries: mining, industrial and transportation equipment, food processing, chemicals, steel, motor vehicles

Agriculture: accounts for 5% of GDP and 37% of export revenues; world's largest exporter of beef and wool, second largest for mutton, and among top wheat exporters; major crops--wheat, barley, sugarcane, fruit; livestock--cattle, sheep, poultry; self-sufficient in food

Aid: donor--ODA and OOF commitments (1970-86), $8.2 billion

Currency: Australian dollar (plural--dollars); 1 Australian dollar ($A) = 100 cents

Exchange rates: Australian dollars ($A) per US$1--1.1493 (January 1989), 1.2752 (1988), 1.4267 (1987), 1.4905 (1986), 1.4269 (1985)

Fiscal year: 1 July-30 June

NOTE: The information regarding Australia on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Australia Economy 1989 information contained here. All suggestions for corrections of any errors about Australia Economy 1989 should be addressed to the CIA.