ECONOMICS - History

ECONOMICS - History


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Australia

Following two decades of continuous growth, low unemployment, contained inflation, very low public debt, and a strong and stable financial system, Australia enters 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.
The services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control.
Australia benefited from a dramatic surge in its terms of trade in recent years, although this trend has reversed due to falling global commodity prices. 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.
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.

1990200020102016
GNI, Atlas method (current US$) (billions)295.17404.31,025.591,310.55
GNI per capita, Atlas method (current US$)17,30021,11046,55054,130
GNI, PPP (current international $) (billions)285.37489.49831.621,092.06
GNI per capita, PPP (current international $)16,72025,56037,75045,110
GDP (current US$) (billions)310.84415.031,144.261,208.04
GDP growth (annual %)3.63.92.12.8
Inflation, GDP deflator (annual %)6.12.61.2-0.5
Agriculture, forestry, and fishing, value added (% of GDP)4322
Industry (including construction), value added (% of GDP)29252522
Exports of goods and services (% of GDP)15192019
Imports of goods and services (% of GDP)17222122
Gross capital formation (% of GDP)29262725
Revenue, excluding grants (% of GDP)24.52623.324.8
Net lending (+) / net borrowing (-) (% of GDP)1.72-4-2.4
States and markets
Time required to start a business (days)..333
Domestic credit provided by financial sector (% of GDP)70.493.4154182.8
Tax revenue (% of GDP)22.523.120.622.3
Military expenditure (% of GDP)2.11.91.92.1
Mobile cellular subscriptions (per 100 people)1.144.9101.7110.1
Individuals using the Internet (% of population)0.646.87688.2
High-technology exports (% of manufactured exports)8151215
Statistical Capacity score (Overall average)........
Global links
Merchandise trade (% of GDP)26333632
Net barter terms of trade index (2000 = 100)..100179147
External debt stocks, total (DOD, current US$) (millions)........
Total debt service (% of exports of goods, services and primary income)........
Net migration (thousands)351575913..
Personal remittances, received (current US$) (millions)2,3705181,8642,055
Foreign direct investment, net inflows (BoP, current US$) (millions)8,11114,89335,21142,580
Net official development assistance received (current US$) (millions)........

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