One of the most efficient economies in the world, located on a distant continent. Australia's GDP has been growing for nearly twenty years, with an average growth rate of 3.3%, despite the fact that the world has experienced two economic crises during this time. Perhaps because the country is trying to minimize government intervention in the economy and has long been pursuing a policy of financial deregulation.
General information
The country's economy refers to the post-industrial type, in it the largest share falls on the services sector. It accounts for approximately 68% of Australia's GDP. The second largest is the mining sector, which occupies 10% of GDP, another 9% is occupied by industries related to mining. The state of the economy largely depends on the export of mining and agricultural sectors. Mineral resources and food products are mainly exported to East Asian countries.
Experts note the peculiarity of the Australian economy as a "two-speed economy." Australia's noted impressive GDP growth is mainly due to the regions where mining is concentrated, as well as production and services involved in the processing of extracted resources. Thus, two states (Northern Territory and Western Australia) are the regions that provide the bulk of the country's economic growth. Many other states have experienced a recession, including Metropolitan Territory, Tasmania, New South Wales and Victoria. For example, in 2012, when Australia's economy grew by 2.6% in Victoria, there was a recession and the state government went to reduce jobs by 10% in the public utilities sector.
Some economic indicators
The country's GDP is 1262.34 million US dollars - this is 2017 data. In terms of GDP, Australia was in 14th place in 2017, immediately after Russia. The country is one of the few in the world where this indicator has been growing continuously since 1990, after falling by -0.38%. When considering the change in Australia's GDP by years, it can be noted that the minimum growth in this period was 0.44% in 1991, and the maximum at 5% in 1998. Even in the year of the global financial crisis in 2008, Australia's economy grew by 1.8%. The country's average GDP growth rate is 3.3%.
GDP per capita in the country is higher than in many developed countries, such as Holland, Great Britain, Hong Kong. The figure reached $ 50, 795.3 last year. According to the same indicator, taking into account the level of purchasing power parity, the country is in 19th place with a GDP per capita (PPP) of 49, 481.87 US dollars.
Australia Export
In terms of export, the country takes 22nd place in the world - 195 billion US dollars. The main positions of foreign trade are mineral resources (iron ore, coal briquettes, gold, copper ore, aluminum) and agricultural products (meat, wheat, wool, wine and cheeses). In recent years, the country has received significant advantages due to changes in world conditions.
The main buyers are the countries of East Asia - China, Japan and South Korea. Next are India and the USA. More than a third of all exports go to the PRC - 65.4 billion US dollars.
Major industries
Of great importance for the successful development of the Australian economy was the policy of economic liberalization and financial deregulation adopted in the early 80s, which began with the introduction of the Australian dollar instead of the Australian pound. Growth was also supported by large government investments in communications, transport and urban infrastructure. Where British finance also prevailed. The expansion of the economy has attracted significant labor resources from around the world.
The formation of the mining industry and the development of agriculture formed the basis for the successful development of the country. The high rate of return in mining, primarily iron ore and coal, and grazing, has attracted significant investment, mainly from the former metropolis. In subsequent years, significant volumes of copper, gold, aluminum and uranium began to be mined in the country. A significant part of Australia's GDP is now produced in the extractive industry and in the field related to the maintenance of the extraction of mineral resources. In addition, the share of GDP related to servicing business services and private property has grown significantly. In total, the services sector accounts for 70% of the country's GDP and 75% of jobs.
