Australia

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Introduction - Australia:
Location - Australia:
People - Australia:
Government - Australia:
Economy - Australia:

Economy overview

Australia has an enviable Western-style capitalist 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. Australias emphasis on reforms, low inflation, and growing ties with China are other key factors behind the economys strength. Drought and strong import demand pushed the trade deficit up in recent years, although the trade balance improved in 2006. Housing prices probably peaked in 2005, diminishing the prospect that interest rates would be raised to prevent a speculative bubble. Conservative fiscal policies have kept Australias budget in surplus since 2002.

Gdp purchasing power parity

$674.6 billion (2006 est.)

Gdp official exchange rate

$644.7 billion (2006 est.)

Gdp real growth rate

2.7% (2006 est.)

Gdp per capita ppp

$33,300 (2006 est.)

Gdp composition by sector

agriculture: 3.8%
industry: 26.2%
services: 70% (2005 est.)

Labor force

10.66 million (2006 est.)

Labor force by occupation

agriculture: 3.6%
industry: 21.2%
services: 75.2% (2004 est.)

Unemployment rate

4.9% (2006 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

3.8% (2006 est.)

Investment gross fixed

26.8% of GDP (2006 est.)

Budget

revenues: $267 billion
expenditures: $258 billion; including capital expenditures of $NA (2006 est.)

Public debt

14.1% of GDP (2006 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% (2006 est.)

Electricity production

225.3 billion kWh (2004)

Electricity consumption

209.5 billion kWh (2004)

Electricity exports

0 kWh (2004)

Electricity imports

0 kWh (2004)

Oil production

530,000 bbl/day (2005 est.)

Oil consumption

877,300 bbl/day (2004 est.)

Oil exports

333,200 bbl/day (2004)

Oil imports

611,400 bbl/day (2004)

Oil proved reserves

1.491 billion bbl (1 January 2005)

Natural gas production

37.03 billion cu m (2004 est.)

Natural gas consumption

26.37 billion cu m (2004 est.)

Natural gas exports

10.66 billion cu m (2004 est.)

Natural gas imports

0 cu m (2004 est.)

Natural gas proved reserves

821.2 billion cu m (1 January 2005 est.)

Current account balance

-$41.62 billion (2006 est.)

Exports

$117 billion (2006 est.)

Exports commodities

coal, gold, meat, wool, alumina, iron ore, 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

$127.7 billion (2006 est.)

Imports commodities

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

Imports partners

China 14.4%, US 14.1%, Japan 9.6%, Singapore 6%, Germany 5.1% (2006)

Reserves of foreign exchange and gold

$48.25 billion (2006 est.)

Economic aid donor

ODA, $894 million (FY99/00)

Debt external

$585.1 billion (30 June 2006 est.)

Currency code

Australian dollar (AUD)

Exchange rates

Australian dollars per US dollar - 1.3285 (2006), 1.3095 (2005), 1.3598 (2004), 1.5419 (2003), 1.8406 (2002)

Communications - Australia:
Transportation - Australia:
Military - Australia:
This page was last updated on 16 September, 2007
Source: CIA >>>


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An Intelligence Quotient or IQ is a score derived from one of several different standardized tests attempting to measure intelligence. Although the term "IQ" is still in common use, the scoring of modern IQ tests such as the Wechsler Adult Intelligence Scale is now based on a projection of the subject's measured rank on the Gaussian bell curve with a center value (average IQ) of 100, and a standard deviation of 15, although different tests may have different standard deviations. The average IQ scores for many populations have been rising at an average rate of three points per decade since the early 20th century with most of the increase in the lower half of the IQ range: a phenomenon called the Flynn effect. It is disputed whether these changes in scores reflect real changes in intellectual abilities, or merely methodological problems with past or present testing. (Wikipedie)

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