Australia Economy - 2021


SOURCE: 2021 CIA WORLD FACTBOOK

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Economic overview

Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the WTO, APEC, the G20, and other trade forums. Australia’s free trade agreement (FTA) with China entered into force in 2015, adding to existing FTAs with the Republic of Korea, Japan, Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, and a regional FTA with ASEAN and New Zealand. Australia continues to negotiate bilateral agreements with Indonesia, as well as larger agreements with its Pacific neighbors and the Gulf Cooperation Council countries, and an Asia-wide Regional Comprehensive Economic Partnership that includes the 10 ASEAN countries and China, Japan, Korea, New Zealand, and India.

Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, 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.

For nearly two decades up till 2017, Australia had benefited from a dramatic surge in its terms of trade. As export prices increased faster than import prices, the economy experienced continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system. Australia entered 2018 facing a range of growth constraints, principally driven by the sharp fall in global prices of key export commodities. Demand for resources and energy from Asia and especially China is growing at a slower pace and sharp drops in export prices have impacted growth.

Real GDP growth rate

1.84% (2019 est.)

2.77% (2018 est.)

2.45% (2017 est.)

country comparison to the world: 146

Inflation rate (consumer prices)

1.6% (2019 est.)

1.9% (2018 est.)

1.9% (2017 est.)

country comparison to the world: 93

Credit ratings

Fitch rating: AAA (2011)

Moody's rating: Aaa (2002)

Standard & Poors rating: AAA (2003)

Real GDP (purchasing power parity)

$1,264,514,000,000 (2019 est.)

$1,237,766,000,000 (2018 est.)

$1,202,307,000,000 (2017 est.)

note: data are in 2010 dollars

country comparison to the world: 19

GDP (official exchange rate)

$1,390,790,000,000 (2019 est.)

Real GDP per capita

$49,854 (2019 est.)

$49,545 (2018 est.)

$48,871 (2017 est.)

note: data are in 2010 dollars

country comparison to the world: 30

Gross national saving

22.5% of GDP (2019 est.)

21.7% of GDP (2018 est.)

21.8% of GDP (2017 est.)

country comparison to the world: 89

GDP - composition, by sector of origin

agriculture: 3.6% (2017 est.)

industry: 25.3% (2017 est.)

services: 71.2% (2017 est.)

GDP - composition, by end use

household consumption: 56.9% (2017 est.)

government consumption: 18.4% (2017 est.)

investment in fixed capital: 24.1% (2017 est.)

investment in inventories: 0.1% (2017 est.)

exports of goods and services: 21.5% (2017 est.)

imports of goods and services: -21% (2017 est.)

Ease of Doing Business Index scores

Overall score: 81.2 (2020)

Starting a Business score: 96.6 (2020)

Trading score: 70.3 (2020)

Enforcement score: 79 (2020)

Agricultural products

sugar cane, wheat, barley, milk, rapeseed, beef, cotton, grapes, poultry, potatoes

Industries

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

Industrial production growth rate

1.4% (2017 est.)

country comparison to the world: 144

Labor force

12.568 million (2020 est.)

country comparison to the world: 43

Labor force - by occupation

agriculture: 3.6%

industry: 21.1%

services: 75.3% (2009 est.)

Unemployment rate

5.16% (2019 est.)

5.29% (2018 est.)

country comparison to the world: 83

Gini Index coefficient - distribution of family income

34.4 (2014 est.)

35.2 (1994)

country comparison to the world: 113

Household income or consumption by percentage share

lowest 10%: 2%

highest 10%: 25.4% (1994)

Budget

revenues: 490 billion (2017 est.)

expenditures: 496.9 billion (2017 est.)

Taxes and other revenues

35.5% (of GDP) (2017 est.)

country comparison to the world: 61

Budget surplus (+) or deficit (-)

-0.5% (of GDP) (2017 est.)

country comparison to the world: 60

Public debt

40.8% of GDP (2017 est.)

40.6% of GDP (2016 est.)

country comparison to the world: 123

Fiscal year

1 July - 30 June

Current account balance

$8.146 billion (2019 est.)

-$29.777 billion (2018 est.)

country comparison to the world: 27

Exports

$404.562 billion (2019 est.)

$391.563 billion (2018 est.)

$372.516 billion (2017 est.)

country comparison to the world: 20

Exports - partners

China 39%, Japan 15%, South Korea 7%, India 5% (2019)

Exports - commodities

iron ore, coal, natural gas, gold, aluminum oxide (2019)

Imports

$334.279 billion (2019 est.)

$337.716 billion (2018 est.)

$324.644 billion (2017 est.)

country comparison to the world: 22

Imports - partners

China 25%, United States 12%, Japan 7%, Germany 5%, Thailand 5% (2019)

Imports - commodities

refined petroleum, cars, crude petroleum, broadcasting equipment, delivery trucks (2019)

Reserves of foreign exchange and gold

$66.58 billion (31 December 2017 est.)

$55.07 billion (31 December 2016 est.)

country comparison to the world: 33

Debt - external

$3,115,913,000,000 (2019 est.)

$2,837,818,000,000 (2018 est.)

country comparison to the world: 8

Exchange rates

Australian dollars (AUD) per US dollar -

1.34048 (2020 est.)

1.46402 (2019 est.)

1.38552 (2018 est.)

1.3291 (2014 est.)

1.1094 (2013 est.)

NOTE: The information regarding Australia on this page is re-published from the 2021 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Australia 2021 information contained here. All suggestions for corrections of any errors about Australia 2021 should be addressed to the CIA or the source cited on each page.

This page was last modified 16 Dec 23, Copyright © 2023 ITA all rights reserved.