Gross Domestic Product Of Australia - 1673 Words

AUSTRALIAN ECONOMY GROSS DOMESTIC PRODUCT As per Australian Bureau of Statistics, Gross domestic product of Australia is 1560.60 USD, with annual growth rate of 2.50 percent. Services sector dominates the total GDP of the economy (65 percent of total GDP). Though service sector is dominant yet major contribution to economy’s success in recent years came from mining sector (13.5 percent of GDP). Some other sectors which have contributed towards the success of Australian economy are manufacturing (11 percent), construction (9.5 percent) and agriculture (2 percent). GOVERNMENT BUDGET Government budget is the accounting of total payments made by the government (in terms of transfer payments and purchases) and total payments received†¦show more content†¦Majority of the Australian trade is with china which accounts for 30 percent of total exports and 18 percent of total exports. As stated earlier in the report, Australia is rich in natural resources and it major exports consists of metals like iron ore and gold (28 percent) followed by coal (18 percent) and oil and gas (9 percent). Biggest share of Australian exports constitutes of manufactured goods and machinery and other office equipment. Total amount of exports of Australia are 27874 million AUD. FOREIGN DIRECT INVESTMENT The report from Australian Bureau of Statistics showed a decrease in the amount of foreign direct investment in Australia in recent years. This is due to the Global financial crisis of 2009 where all components of FDI declined. FDI in Australia decreased from 55596 AUD million in 2012 to 52667 Aud million in 2013 IMPORTS There has been an increase in imports of Australia from 28595 AUD million in January 2015 to 29129 AUD million in February 2015. The commodities which are included in imports are machinery and transport equipment which is followed by telecommunication and office equipment. GENERAL BUSINESS ENVIRONMENT Australia is a developed democratic nation with stable business environment. It has very diverse and competitive market. The open structure of Australian markets attracts FDI and greatly compliments its trade imports and exports. It is located inShow MoreRelatedComparing The Australian Economy And The Chinese Economy1066 Words   |  5 Pagesimportance to Australia. Economic growth, employment/unemployment, environmental sustainability, the role of government (in health care, education and welfare), and quality of life determine the economic development of a nation. Australia and China’s economic growth vary in terms of different increases in their gross domestic product, or GDP, which is measured in US dollars. 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