Economy - overview Australia has a prosperous Western-style capitalist economy, with a per capita GDP on par with the four dominant West European economies. The Australian economy has been resilient in the face of the global economic downturn in 2001 chalking up 2.3% GDP growth, as the domestic economy is offsetting the external slump and business and consumer confidence remains robust. Canberra's emphasis on reforms is a key factor behind the economy's strength, and Australia is expected to outperform its trading partners in 2002, with GDP growth projected to be 3% or better. Australia probably will experience some weakness in mid-2002 as its business cycle tends to lag the US by about six months, and larger problems could emerge if Australia's trade position worsens.

GDP purchasing power parity - $465.9 billion (2001 est.)

GDP - real growth rate 2.3% (2001 est.)

GDP - per capita purchasing power parity - $24,000 (2001 est.)

GDP - composition by sector
agriculture: 3%
industry: 25%
services: 72% (2000 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) 4.3% (2001 est.)

Labor force 9.2 million (December 2001)

Labor force - by occupation services 73%, industry 22%, agriculture 5% (1997 est.)

Unemployment rate 6.7% (2001)

Budget
revenues: $86.8 billion
expenditures: $84.1 billion, including capital expenditures of $NA (FY00/01 est.)

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

Industrial production growth rate 0.4% (2001 est.)

Electricity - production 202.676 billion kWh (2000)

Electricity - production by source
fossil fuel: 89.79%
hydro: 8.47%
other: 1.74% (2000)
nuclear: 0%

Electricity - consumption 188.489 billion kWh (2000)

Electricity - exports 0 kWh (2000)

Electricity - imports 0 kWh (2000)

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

Exports $68.8 billion (2001 est.)

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

Exports - partners Japan 19%, US 9%, South Korea 7%, China 6%, New Zealand 5.8%, Singapore 4% (2001 est.)

Imports $70.2 billion (2001 est.)

Imports - commodities machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products

Imports - partners US 20%, Japan 13%, China 7.7%, UK 6%, Germany 5%, South Korea 4%, NZ 4%, Malaysia 3.6% (2001 est.)

Debt - external $168.7 billion (2001 est.)

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

Currency Australian dollar (AUD)

Currency code AUD

Exchange rates Australian dollars per US dollar - 1.9354 (January 2002), 1.9320 (2001), 1.7173 (2000), 1.5497 (1999), 1.5888 (1998), 1.3439 (1997)

Fiscal year 1 July - 30 June

NOTE: The information regarding Australia on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Australia Economy 2002 information contained here. All suggestions for corrections of any errors about Australia Economy 2002 should be addressed to the CIA.