Overview: Australia has a prosperous Western-style capitalist economy, with a per capita GNP 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. The government is pushing for increased exports of manufactured goods but competition in international markets will be severe.

GNP: $240.8 billion, per capita $14,300; real growth rate 4.1% (1989 est.)

Inflation rate (consumer prices): 8.0% (1989)

Unemployment rate: 6.0% (December 1989)

Budget: revenues $76.3 billion; expenditures $69.1 billion, including capital expenditures of NA (FY90 est.)

Exports: $43.2 billion (f.o.b., FY89); commodities--wheat, barley, beef, lamb, dairy products, wool, coal, iron ore; partners--Japan 26%, US 11%, NZ 6%, South Korea 4%, Singapore 4%, USSR 3%

Imports: $48.6 billion (c.i.f., FY89); commodities--manufactured raw materials, capital equipment, consumer goods; partners--US 22%, Japan 22%, UK 7%, FRG 6%, NZ 4% (1984)

External debt: $111.6 billion (September 1989)

Industrial production: growth rate 5.6% (FY88)

Electricity: 38,000,000 kW capacity; 139,000 million kWh produced, 8,450 kWh per capita (1989)

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

Agriculture: accounts for 5% of GNP 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

Aid: donor--ODA and OOF commitments (1970-87), $8.8 billion

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

Exchange rates: Australian dollars ($A) per US$1--1.2784 (January 1990), 1.2618 (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 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Australia Economy 1990 information contained here. All suggestions for corrections of any errors about Australia Economy 1990 should be addressed to the CIA.