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.

GDP: $255.9 billion, per capita $15,000; real growth rate 2.2% (1990)

Inflation rate (consumer prices): 6.9% (December 1990)

Unemployment rate: 9.2% (March 1991)

Budget: revenues $74.2 billion; expenditures $67.9 billion, including capital expenditures of NA (FY90)

Exports: $39.8 billion (f.o.b., FY90); commodities--metals, minerals, coal, wool, cereals, meat, manufacturers; partners--Japan 26%, US 11%, NZ 6%, South Korea 4%, Singapore 4%, UK, Taiwan, Hong Kong

Imports: $42.0 billion (f.o.b., FY90); commodities--manufactured raw materials, capital equipment, consumer goods; partners--US 24%, Japan 19%, UK 6%, FRG 7%, NZ 4% (1990)

External debt: $123.7 billion (September 1990)

Industrial production: growth rate - 1.8% (1990); accounts for 32% of GDP

Electricity: 38,000,000 kW capacity; 150,000 million kWh produced, 8,860 kWh per capita (1990)

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

Economic aid: donor--ODA and OOF commitments (1970-89), $10.4 billion

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

Exchange rates: Australian dollars ($A) per US$1--1.2834 (January 1991), 1.2799 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Australia Economy 1991 information contained here. All suggestions for corrections of any errors about Australia Economy 1991 should be addressed to the CIA.