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 stagnant economic conditions in major export partners and the impact of the worst drought in 100 years cast a shadow over prospects for 2003.
GDP:
purchasing power parity - $528 billion (2002 est.)
GDP - real growth rate:
3.6% (2002 est.)
GDP - per capita:
purchasing power parity - $27,000 (2002 est.)
GDP - composition by sector:
agriculture: 3%
industry: 26%
services: 71% (2001 est.)
Population below poverty line:
NA%
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):
2.8% (2002 est.)
Labor force:
9.2 million (December 2001)
Labor force - by occupation:
services 73%, industry 22%, agriculture 5% (1997 est.)
Unemployment rate:
6.3% (2002)
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:
4.3% (2002 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:
184.33 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 (January 2002 est.)
Natural gas - proved reserves:
2.407 trillion cu m (January 2002 est.)
Agriculture - products:
wheat, barley, sugarcane, fruits; cattle, sheep, poultry
Exports:
$66.3 billion (2002 est.)
Exports - commodities:
coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transport equipment
Exports - partners:
developing countries 45.6%, Japan 19.7%, ASEAN 13.3%, EU 11.7%, US 9.7% (2001 est.)
Imports:
$68 billion (2002 est.)
Imports - commodities:
machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
Imports - partners:
developing countries 31.7%, EU 21.6%, US 18.9%, ASEAN 14.8%, Japan 13.0% (2001 est.)
Debt - external:
$176.8 billion (2001 est.)
Economic aid - donor:
ODA, $894 million (FY99/00)
Currency:
Australian dollar (AUD)
Currency code:
AUD
Exchange rates:
Australian dollars per US dollar - 1.8406 (2002), 1.9334 (2001), 1.7248 (2000), 1.55 (1999), 1.5918 (1998)
Fiscal year:
1 July - 30 June
NOTE: The information regarding Australia on this page is re-published from the 2003 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Guinea Geography 2003 information contained here. All suggestions for corrections of any errors about Australia Economy 2003 should be addressed to the CIA.
