What's Australia's GDP?
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The economy of Australia is a large mixed-market economy, with a GDP of A$1.69 trillion as of 2017. In 2018 Australia overtook Switzerland, and became the country with the largest median wealth per adult. Australia's total wealth was AUD$8.9 trillion as of June 2016. In 2016, Australia was the 14th-largest national economy by nominal GDP, 20th-largest by PPP-adjusted GDP, and was the 25th-largest goods exporter and 20th-largest goods importer. Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter, the 103rd quarter and marked 26 years since the country had a technical recession (two consecutive quarters of negative growth).
Economy of Australia
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The economy of Australia is one of the most developed, modern market economies in the world and the most productive in South Pacific, with a GDP of approximately US$1.6 trillion. Australia's total wealth is 6.4 trillion dollars. In 2011, it was the 13th largest national economy by nominal GDP. Businesspersons involved in different activities, whether commercial or industrial, for the purpose of generating revenue from a combination of human, financial, and physical capital are listed here.
List of Australian businesspeople
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Australia is the only first world country in the Australian-New Guinea continent, although the economy of Australia is by far the largest and most dominant economy in the region and one of the largest in the world. Australia's per-capita GDP is higher than that of the UK, Canada, Germany, and France in terms of purchasing power parity. The Australian Securities Exchange in Sydney is the largest stock exchange in Australia and in the South Pacific. In 2012, Australia was the 12th largest national economy by nominal GDP and the 19th-largest measured by PPP-adjusted GDP. Tourism in Australia is an important component of the Australian economy. In the financial year 2014/15, tourism represented 3.0% of Australia's GDP contributing A$47.5 billion to the national economy. In 2015, there were 7.4 million visitor arrivals.
Australia (continent)
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Australia's per-capita GDP is higher than that of the UK, Canada, Germany and France in terms of purchasing power parity. Per Capita GDP (PPP) Australia is ranked 18th in the world (CIA World Factbook 2016). The country was ranked second in the United Nations 2016 Human Development Index and sixth in "The Economist" worldwide quality-of-life index 2005. In 2014, using constant exchange rates, Australia's wealth had grown by 4.4% annually on average since 2007, compared with a 9.2% rate over 2000–2007. Australia's sovereign credit rating is "AAA" for all three major rating agencies, higher than the United States of America.
Economy of Australia
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At the turn of the current century, Australia experienced a significant mining boom. The mining sector's contribution to overall GDP grew from around 4.5% in 1993–94, to almost 8% in 2006–07. The services sector also grew considerably, with property and business services in particular growing from 10% to 14.5% of GDP over the same period, making it the largest single component of GDP (in sectoral terms). This growth has largely been at the expense of the manufacturing sector, which in 2006–07 accounted for around 12% of GDP. A decade earlier, it was the largest sector in the economy, accounting for just over 15% of GDP.
Economy of Australia
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Ranked fifth in the Index of Economic Freedom (2017), Australia is the world's twelfth largest economy and has the sixth highest per capita GDP (nominal) at US$56,291. The country was ranked second in the United Nations 2016 Human Development Index. Melbourne reached top spot for the fourth year in a row on "The Economist"'s 2014 list of the world's most liveable cities, followed by Adelaide, Sydney, and Perth in the fifth, seventh, and ninth places respectively. Total government debt in Australia is about A$190 billion—20% of GDP in 2010. Australia has among the highest house prices and some of the highest household debt levels in the world.
Australia
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Since 2008, inflation has typically been 2–3% and the base interest rate 5–6%. The service sector of the economy, including tourism, education, and financial services, accounts for about 70% of GDP. Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron-ore and gold, and energy in the forms of liquified natural gas and coal. Although agriculture and natural resources account for only 3% and 5% of GDP respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, the US, South Korea, and New Zealand. Australia is the world's fourth largest exporter of wine, and the wine industry contributes A$5.5 billion per year to the nation's economy.
Australia
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In the late 19th century, Australia's economic strength relative to the rest of the world was reflected in its GDP. In 1870, Australia had the highest GDP per capita in the world due to economic growth fuelled by its natural resources. However, as Australia's population grew rapidly over the 20th century, its GDP per capita dropped relative to countries such as the US and Norway. However, the Australian economy has been performing nominally better than other economies of the OECD and has supported economic growth for over 20 consecutive years. According to the Reserve Bank of Australia, Australian per capita GDP growth is higher than that of New Zealand, US, Canada and The Netherlands. The past performance of the Australian economy has been heavily influenced by US, Japanese and Chinese economic growth.
Economy of Australia
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There are currently an estimated 2,000 pig producers in Australia, producing 5 million pigs annually (Productivity Commission). Although relatively small on the world stage (0.4% world production), the industry provides a significant positive impact on local, regional, state, and national economies through income generation and employment. The pork industry contributes approximately $970m to Australia's GDP and the supply chain contributes $2.6billion to the GDP. The industry generates over $1.2b of household income, directly employing 6,500 full-time positions, and the supply chain employs 29,000 people. The Australian pork industry is represented by Australian Pork Limited, a producer-run company created by legislation.
Agriculture in Australia
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The Australian economy is dominated by its service sector, comprising 61.1% of the GDP and employing 79.2% of the labour force in 2016. East Asia (including ASEAN and Northeast Asia) is a top export destination, accounting for about 64% of exports in 2016. Australia has the eighth-highest total estimated value of natural resources, valued at US$19.9 trillion in 2016. At the height of the mining boom in 2009–10, the total value-added of the mining industry was 8.4% of GDP. Despite the recent decline in the mining sector, the Australian economy has remained resilient and stable and has not experienced a recession since July 1991.
Economy of Australia