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    Australia Economy 1997

    https://photius.com/wfb1997/australia/australia_economy.html
    SOURCE: 1997 CIA WORLD FACTBOOK

      Economy - overview Australia has a prosperous Western-style capitalist economy, with aper capita GDP above the levels in highly industrialized West European countries.Rich in natural resources, Australia is a major exporter of agricultural products,minerals, metals, and fossil fuels. Commodities account for about 60% of thevalue of total exports, so that a downturn in world commodity prices can havea big impact on the economy. The government is pushing for increased exportsof manufactured goods, but competition in international markets continuesto be severe. Australia has suffered from the low growth and high unemploymentcharacterizing the OECD countries in the early 1990s, but the economy hasexpanded at reasonably steady rates in recent years. In addition to high unemployment,short-term economic problems include a balancing of output growth and inflationarypressures and the stimulation of exports to offset rising imports.

      GDP purchasing power parity - $430.5 billion (1996 est.)

      GDP - real growth rate 3.6% (1996 est.)

      GDP - per capita purchasing power parity - $23,600 (1996 est.)

      GDP - composition by sector
      agriculture: 3.1%
      industry: 27.7%
      services: 69.2% (1994)

      Inflation rate - consumer price index 3.1% (1996 est.)

      Labor force
      total: 8.4 million (December 1996)
      by occupation : finance and services 34%, public and community services 23%, wholesaleand retail trade 20%, manufacturing and industry 17%, agriculture 6% (1987est.)

      Unemployment rate 8.5% (1996 est.)

      Budget
      revenues: $95.69 billion
      expenditures : $95.15 billion, including capital expenditures of $NA (FY95/96 est.)

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

      Industrial production growth rate 1.2% (1995)

      Electricity - capacity 38.83 million kW (1994)

      Electricity - production 173 billion kWh (1995)

      Electricity - consumption per capita 8,278 kWh (1995 est.)

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

      Exports
      total value: $59.5 billion (f.o.b., 1996)
      commodities : coal, gold, meat, wool, alumina, iron ore, wheat, machinery and transportequipment
      partners: Japan 24%, South Korea 8%, NZ 7%, US 7%, UK, Taiwan, Singapore, HongKong (1994/95)

      Imports
      total value : $59.7 billion (f.o.b., 1996)
      commodities: machinery and transport equipment, computers and office machines, telecommunicationequipment and parts; crude oil and petroleum products
      partners: US 22%, Japan 17%, UK 6%, China 5%, NZ 5% (1994/95)

      Debt - external $134 billion (June 1996)

      Economic aid
      donor: ODA, $1.25 billion (FY95/96)

      Currency 1 Australian dollar ($A) = 100 cents

      Exchange rates Australian dollars ($A) per US$1 - 1.2835 (January 1997), 1.2773 (1996),1.3486 (1995), 1.3668 (1994), 1.4704 (1993), 1.3600 (1992)

      Fiscal year 1 July - 30 June

      NOTE: The information regarding Australia on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Australia Economy 1997 information contained here. All suggestions for corrections of any errors about Australia Economy 1997 should be addressed to the CIA.

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    Revised 06-Mar-02
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