Australia Economy Facts
"Australia Economy Facts - An economy performing well during a Global Recession!"
The Australian Economy is relatively stable and performing well compared to the US and Europe, who are struggling with recession.
Our proximity to Asia has probably shielded us from the worst of the global recession. But all is not perfect. It seems we have a two speed economy. It is our mining and minerals exports that are performing exceptionally well with the rest of the economy significantly slowing down or showing signs of decline.
The retail industry for example is particularly struggling with many Australians choosing to shop overseas or on line, particularly at the moment with the strong Australian dollar, making exchange rates very favourable, particularly against the US Dollar and Euro.
Below you will find a list of key statistics for you to judge for yourself the state of the Australian Economy. Overall, I'm glad I'm in Oz and not in the States or Europe right now!
Key Statistics for Australia Economy Facts
The population of Australia is approx 22 million and is growing at a rate of 1.9% V's an average for the rest of the world at 0.5%. The growth is due mainly through immigration The small population for the size of Australia does make it difficult for many companies to be successful here. Getting products around Australia is expensive. For example, Amazon is not present in Australia yet and this could be due to the small population and the tax that the government places on books V's the rest of the worldAustralia is the 13th Largest Economy in the World It has the 5th largest per capita income tooUnemployment is low at approx 5.2% compared to the US and UK around 8% and Europe at about 10%. Inflation is relatively stable at approx 3%. Interest rates have started to be reduced by the Australian banks as fears of how the European Recession will impact Australia start to take its toll. Interest Rates are low at around 4%.Australia's GDP is $917 billion with a growth of around 2%Australia has a triple A credit rating from the banks around the world making it a wise place to investIt's biggest exports are minerals. Did you know that Australia is responsible for 95% of the world's opals?Another key export is wool. That's not really surprising given there are about 4 times as many sheep as there are people in Australia. It makes Australia one of the biggest wool exporters in the world. Australia is the biggest wool supplier of Greasy Wool. It produced about 42% of the worlds greasy wool (greasy wool is wool straight from the sheep)
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