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ECONOMY OF AUSTRALIA
The Economy of was Asian and global economic leader and partner for 3 decades; strong financial sector and highly traded domestic currency support best credit ratings; aging workforce; export-led model; reduced consumer spending offset by government and business; energy investor. [Source: CIA World Factbook, 2023]
Credit Rating: Fitch rating: AAA (2011); Moody's rating: Aaa (2002); Standard & Poors rating: AAA (2003). note: The year refers to the year in which the current credit rating was first obtained.
Sectors of the Economy Composition of GDP by Origin: agriculture: 3.6 percent (2017 estimate)
industry: 25.3 percent (2017 estimate)
services: 71.2 percent (2017 estimate)
comparison rankings: agriculture 145; industry 110; services 63.
Sectors of the Economy Composition of GDP by End Use: household consumption: 56.9 percent (2017 estimate)
government consumption: 18.4 percent (2017 estimate)
investment in fixed capital: 24.1 percent (2017 estimate)
investment in inventories: 0.1 percent (2017 estimate)
exports of goods and services: 21.5 percent (2017 estimate)
imports of goods and services: -21 percent (2017 estimate).
Industries: mining, industrial and transportation equipment, food processing, chemicals, steel. Industrial Production Growth -0.55 percent (2021 estimate); ranking compared to other countries in the world: 162. [Source: CIA World Factbook, 2023]
Fiscal Year: 1 July: 30 June. [Source: CIA World Factbook, 2023]
Economic Statistics for Australia
Gross Domestic Product (GDP) (purchasing power parity): $1.279 trillion (2021 estimate)
$1.251 trillion (2020 estimate)
$1.251 trillion (2019 estimate). note: data are in 2017 dollars; ranking compared to other countries in the world: 20. [Source: CIA World Factbook, 2023]. [Source: CIA World Factbook, 2023]
Growth: 2.24 percent (2021 estimate)
-0.05 percent (2020 estimate)
2.17 percent (2019 estimate); ranking compared to other countries in the world: 158.
Per Capita GDP: $49,800 (2021 estimate)
$48,700 (2020 estimate)
$49,400 (2019 estimate). note: data are in 2017 dollars; ranking compared to other countries in the world: 30.
GDP: (official exchange): $1,390,790,000,000 (2019 estimate).
Inflation (consumer prices): 2.86 percent (2021 estimate)
0.85 percent (2020 estimate)
1.61 percent (2019 estimate); ranking compared to other countries in the world: 124.
Agriculture and Natural Resources in Australia
Agricultural Products: sugar cane, wheat, barley, milk, rapeseed, beef, cotton, grapes, poultry, potatoes. [Source: CIA World Factbook, 2023]
Land Use: agricultural land: 46.65 percent (2018 estimate). Arable Land: 4.03 percent (2018 estimate); permanent crops: 0.04 percent (2018 estimate); permanent pasture: 42.58 percent (2018 estimate); forest: 17.42 percent (2018 estimate); other: 33.42 percent (2018 estimate). Irrigated Land: 15,210 square kilometers (2020)
Natural Resources: alumina, coal, iron ore, copper, lithium, tin, gold, silver, uranium, nickel, tungsten, rare earth elements, mineral sands, lead, zinc, diamonds, opals, natural gas, petroleum;
Australia is the world's largest net exporter of coal accounting for 26.5 percent of global coal exports in 2021; coal is the country’s most abundant energy resource, and coal ranks as the second-largest export commodity from Australia in terms of revenue; in 2020, Australia held the third-largest recoverable coal reserves in the world behind the United States and Russia
Australia is by far the world's largest supplier of opals. Australia holds the largest uranium reserves in the world, and was the second-largest global uranium producer behind Kazakhstan in 2020. [Source: CIA World Factbook, 2023]
Labor, Unemployment and Poverty
Labor Force: 13.786 million (2021 estimate); ranking compared to other countries in the world: 46. [Source: CIA World Factbook, 2023]
Labor Force by Occupation: agriculture: 3.6 percent; industry: 21.1 percent; services: 75.3 percent (2009 estimate).
Unemployment Rate: 5.11 percent (2021 estimate)
6.46 percent (2020 estimate)
5.16 percent (2019 estimate); ranking compared to other countries in the world: 147.
Youth Unemployment Rate (ages 15-24): total: 10.8 percent; male: 12.7 percent; female: 8.9 percent (2021 estimate); ranking compared to other countries in the world: 148.
Gini Index Coefficient Distribution: 34.3 (2018 estimate); ranking compared to other countries in the world: 116. [Source: CIA World Factbook, 2023]
Average Household Expenditures: on food: 9.3 percent of household expenditures (2018 estimate)
on alcohol and tobacco: 3.5 percent of household expenditures (2018 estimate)
Household income or consumption by percentage share
lowest 10 percent: 2 percent; highest 10 percent: 25.4 percent (1994). [Source: CIA World Factbook, 2023]
Debt and Foreign Exchange
Reserves of Foreign Exchange and Gold: $57.878 billion (31 December 2021 estimate)
$42.545 billion (31 December 2020 estimate)
$57.995 billion (31 December 2019 estimate); ranking compared to other countries in the world: 40. [Source: CIA World Factbook, 2023]
Debt (External): $3,115,913,000,000 (2019 estimate)
$2,837,818,000,000 (2018 estimate); ranking compared to other countries in the world: 8. [Source: CIA World Factbook, 2023]
Government Budget: revenues: $479.33 billion (2019 estimate)
expenditures: $532.579 billion (2019 estimate)
Budget surplus (+) or deficit (-)
-0.5 percent (of GDP) (2017 estimate); ranking compared to other countries in the world: 60. [Source: CIA World Factbook, 2023]
Public Debt: 69.41 percent of GDP (2020 estimate)
60.25 percent of GDP (2019 estimate)
54.49 percent of GDP (2018 estimate); ranking compared to other countries in the world: 61. [Source: CIA World Factbook, 2023]
Taxes: 22.61 percent (of GDP) (2020 estimate); ranking compared to other countries in the world: 66. [Source: CIA World Factbook, 2023]
Currency Exchange Rates: Australian dollars (AUD) per US dollar
1.331 (2021 estimate)
1.453 (2020 estimate)
1.439 (2019 estimate)
1.338 (2018 estimate)
1.305 (2017 estimate)
[Source: CIA World Factbook, 2023]
Trade and Australia
Current Account Balance: $56.261 billion (2021 estimate)
$35.601 billion (2020 estimate)
$7.658 billion (2019 estimate); ranking compared to other countries in the world: 13. [Source: CIA World Factbook, 2023]
Exports (data are in current year dollars and do not include illicit exports or re-exports): $389.794 billion (2021 estimate)
$300.77 billion (2020 estimate)
$342.485 billion (2019 estimate), ranking compared to other countries in the world: 21.
Main Exports: iron ore, coal, natural gas, gold, wheat (2021). Export Partners: China 40 percent, Japan 14 percent, South Korea 9 percent, India 6 percent, Taiwan 4 percent (2021).
Imports: ( data are in current year dollars): $298.712 billion (2021 estimate) $250.178 billion (2020 estimate); $295.504 billion (2019 estimate); ranking compared to other countries in the world: 23.
Main Imports: refined petroleum, cars, delivery trucks, broadcasting equipment, computers and gold (2021).Import Partners: China 28 percent, United States 10 percent, Japan 6 percent, Germany 5 percent, Thailand 5 percent (2021).
Image Sources:
Text Sources: CIA World Factbook, 2023; “Encyclopedia of World Cultures, Volume 2: Oceania,” edited by Terence E. Hays, 1991, Wikipedia, New York Times, Washington Post, Los Angeles Times, Times of London, Lonely Planet Guides, Library of Congress, The Guardian, National Geographic, Smithsonian magazine, The New Yorker, Reuters, Associated Press, AFP, BBC, CNN, and various books, websites and other publications.
Last updated August 2023