Australia Economy 2008

Economy - overview:
Australia has an enviable, strong economy with a per capita GDP on par with the four dominant West European economies. Robust business and consumer confidence and high export prices for raw materials and agricultural products are fueling the economy, particularly in mining states. Australia's emphasis on reforms, low inflation, a housing market boom, and growing ties with China have been key factors behind the economy's 16 solid years of expansion. Drought, robust import demand, and a strong currency have pushed the trade deficit up in recent years, while infrastructure bottlenecks and a tight labor market are constraining growth in export volumes and stoking inflation. Australia's budget has been in surplus since 2002 due to strong revenue growth.

GDP (purchasing power parity):
$766.8 billion (2007 est.)

GDP (official exchange rate):
$687.9 billion (2007 est.)

GDP - real growth rate:
4.2% (2007 est.)

GDP - per capita (PPP):
$37,500 (2007 est.)

GDP - composition by sector:
agriculture: 3.7%
industry: 25.6%
services: 70.7% (2007 est.)

Labor force:
10.9 million (2007 est.)

Labor force - by occupation:
agriculture: 3.6%
industry: 21.2%
services: 75.2% (2004 est.)

Unemployment rate:
4.7% (2007 est.)

Population below poverty line:
NA%

Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 25.4% (1994)

Distribution of family income - Gini index:
35.2 (1994)

Inflation rate (consumer prices):
2.4% (2007 est.)

Investment (gross fixed):
27.6% of GDP (2007 est.)

Budget:
revenues: $312 billion
expenditures: $299.6 billion (2007 est.)

Public debt:
15.2% of GDP
note: The Commonwealth government eliminated its net debt in 2006, but continues a gross debt issue to support the market for risk-free securities. (2007 est.)

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

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

Industrial production growth rate:
3.5% (2007 est.)

Electricity - production:
236.7 billion kWh (2005)

Electricity - consumption:
219.8 billion kWh (2005)

Electricity - exports:
0 kWh (2005)

Electricity - imports:
0 kWh (2005)

Oil - production:
572,400 bbl/day (2005 est.)

Oil - consumption:
903,200 bbl/day (2005 est.)

Oil - exports:
333,200 bbl/day (2004)

Oil - imports:
611,400 bbl/day (2004)

Oil - proved reserves:
1.437 billion bbl (1 January 2006 est.)

natural gas - production:
38.62 billion cu m (2005 est.)

natural gas - consumption:
25.72 billion cu m (2005 est.)

natural gas - exports:
12.9 billion cu m (2005 est.)

natural gas - imports:
0 cu m (2005)

natural gas - proved reserves:
750.6 billion cu m (1 January 2006 est.)

Current account balance:
-$50.96 billion (2007 est.)

Exports:
$139.4 billion (2007 est.)

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

Exports - partners:
Japan 19.6%, China 12.3%, South Korea 7.5%, US 6.2%, India 5.5%, NZ 5.5%, UK 5% (2006)

Imports:
$152.7 billion (2007 est.)

Imports - partners:
China 14.4%, US 14.1%, Japan 9.6%, Singapore 6%, Germany 5.1% (2006)

Economic aid - donor:
ODA, $894 million (FY99/00)

Reserves of foreign exchange and gold:
$71.15 billion (31 December 2007 est.)

Debt - external:
$757.9 billion (30 June 2007)

Stock of direct foreign investment - at home:
$246.2 billion (2006 est.)

Stock of direct foreign investment - abroad:
$226.8 billion (2006 est.)

Market value of publicly traded shares:
$804.1 billion (2005)

Currency (code):
Australian dollar (AUD)

Exchange rates:
Australian dollars per US dollar - 1.2137 (2007), 1.3285 (2006), 1.3095 (2005), 1.3598 (2004), 1.5419 (2003)