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Australia Economy 2011
https://theodora.com/wfb2011/australia/australia_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















Australia Economy 2011
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2011

Economy - overview:
Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia also has a large services sector and is a significant exporter of natural resources, energy, and food. Key tenets of Australia's trade policy include support for open trade and the successful culmination of the Doha Round of multilateral trade negotiations, particularly for agriculture and services. The Australian economy grew for 17 consecutive years before the global financial crisis. Subsequently, the Rudd government introduced a fiscal stimulus package worth over US$50 billion to offset the effect of the slowing world economy, while the Reserve Bank of Australia cut interest rates to historic lows. These policies - and continued demand for commodities, especially from China - helped the Australian economy rebound after just one quarter of negative growth. The economy grew by 1.2% during 2009 - the best performance in the OECD. Unemployment, originally expected to reach 8-10%, peaked at 5.7% in late 2009 and fell to 5.1% in 2010. As a result of an improved economy, the budget deficit is expected to peak below 4.2% of GDP and the government could return to budget surpluses as early as 2015. Australia was one of the first advanced economies to raise interest rates, with seven rate hikes between October 2009 and November 2010. The GILLARD government is focused on raising Australia's economic productivity to ensure the sustainability of growth, and continues to manage the symbiotic, but sometimes tense, economic relationship with China. Australia is engaged in the Trans-Pacific Partnership talks and ongoing free trade agreement negotiations with China, Japan, and Korea.

GDP (purchasing power parity):
$889.6 billion (2010 est.)
country comparison to the world: 18

$861.1 billion (2009 est.)
$850.9 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$1.22 trillion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.3% (2010 est.)
country comparison to the world: 106

1.2% (2009 est.)
2.2% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$41,300 (2010 est.)
country comparison to the world: 18

$40,500 (2009 est.)
$40,500 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 4%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 24.8%
[see also: GDP - composition by sector - industry country ranks ]
services: 71.2% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
11.62 million (2009 est.)
country comparison to the world: 44
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 3.6%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 21.1%
[see also: Labor force - by occupation - industry country ranks ]
services: 75% (2009 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
5.1% (2010 est.)
country comparison to the world: 46

5.6% (2009 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
NA%
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 25.4% (1994)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
30.5 (2006)
country comparison to the world: 110

35.2 (1994)
[see also: Distribution of family income - Gini index country ranks ]

Investment (gross fixed):
27.4% of GDP (2009 est.)
country comparison to the world: 30
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $396.1 billion
[see also: Budget - revenues country ranks ]
expenditures: $426.5 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
22.4% of GDP (2010 est.)
country comparison to the world: 107

22.1% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
2.9% (2010 est.)
country comparison to the world: 88

1.8% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4% (31 March 2010)
country comparison to the world: 106

4.25% (3 December 2008)
note: this is the Reserve Bank of Australia's "cash rate target," or policy rate
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
6.02% (31 December 2009 est.)
country comparison to the world: 105

8.91% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$347.1 billion (31 December 2010 est)

$290.8 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.134 trillion (31 December 2010 est.)

$976.6 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.731 trillion (31 December 2010 est.)
country comparison to the world: 13

$1.407 trillion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$1.258 trillion (31 December 2009)
country comparison to the world: 13

$675.6 billion (31 December 2008)
$1.298 trillion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

Agriculture - products:
wheat, barley, sugarcane, fruits; cattle, sheep, poultry

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

Industrial production growth rate:
3% (2009 est.)
country comparison to the world: 104
[see also: Industrial production growth rate country ranks ]

Electricity - production:
239.9 billion kWh (2007 est.)
country comparison to the world: 17
[see also: Electricity - production country ranks ]

Electricity - consumption:
222 billion kWh (2007 est.)
country comparison to the world: 16
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
589,200 bbl/day (2009 est.)
country comparison to the world: 30
[see also: Oil - production country ranks ]

Oil - consumption:
946,300 bbl/day (2009 est.)
country comparison to the world: 19
[see also: Oil - consumption country ranks ]

Oil - exports:
311,900 bbl/day (2008 est.)
country comparison to the world: 39
[see also: Oil - exports country ranks ]

Oil - imports:
716,700 bbl/day (2008 est.)
country comparison to the world: 19
[see also: Oil - imports country ranks ]

Oil - proved reserves:
3.318 billion bbl (1 January 2010 est.)
country comparison to the world: 29
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
42.33 billion cu m (2009 est.)
country comparison to the world: 19
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
26.59 billion cu m (2009 est.)
country comparison to the world: 29
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
22.3 billion cu m (2009 est.)
country comparison to the world: 10
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
6.56 billion cu m (2009 est.)
country comparison to the world: 29
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
3.115 trillion cu m (1 January 2010 est.)
country comparison to the world: 12
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
-$35.23 billion (2010 est.)
country comparison to the world: 182

-$41.33 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$210.7 billion (2010 est.)
country comparison to the world: 21

$154.8 billion (2009 est.)
[see also: Exports country ranks ]

Exports - commodities:
coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment

Exports - partners:
China 21.81%, Japan 19.19%, South Korea 7.88%, India 7.51%, US 4.95%, UK 4.37%, NZ 4.1% (2009)

Imports:
$200.4 billion (2010 est.)
country comparison to the world: 21

$160.4 billion (2009 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products

Imports - partners:
China 17.94%, US 11.26%, Japan 8.36%, Thailand 5.81%, Singapore 5.54%, Germany 5.3% (2009)

Reserves of foreign exchange and gold:
$38.62 billion (31 December 2010 est.)
country comparison to the world: 30

$41.74 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.169 trillion (31 December 2010 est.)
country comparison to the world: 14

$1.094 trillion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$329.1 billion (31 December 2010 est.)
country comparison to the world: 14

$295.9 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$245.9 billion (31 December 2010 est.)
country comparison to the world: 17

$221.1 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Australian dollars (AUD) per US dollar - 1.1151 (2010), 1.2822 (2009), 1.2059 (2008), 1.2137 (2007), 1.3285 (2006)


NOTE: The information regarding Australia on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Australia Economy 2011 information contained here. All suggestions for corrections of any errors about Australia Economy 2011 should be addressed to the CIA.






This page was last modified 09-Feb-11
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