Australia GDP

By: EconomyWatch   Date: 13 October 2010

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About Australia GDP
In 2007, Australia GDP as per purchasing power parity was $773 billion. Gross domestic product as per official exchange rate was nearly $908.8 billion. In 2007, real growth rate of Australia's gross domestic product was 4.3 percent. Australia per capita GDP with respect to purchasing power parity was about $37,300 in 2007.

Composition of Australia GDP
In 2007, 3 percent of Australia GDP was contributed to by agricultural sector and 26.4 percent came from industrial sector. Service sector contributed 70.6 percent of Australia's GDP. Mining sector of Australia has been a positive contributor to its gross domestic product.

GDP growth has gone up from 4.5 percent in financial year 1993-94, to approximately 8 percent in financial year 2006-07. In same time frame contribution of business and property sectors increased from 10 percent to 14.5 percent. Contribution made by manufacturing sector, which was a principal figure in Australia's gross domestic product, has plummeted down to 12 percent from an earlier high of 15 percent.

Status and growth of Australia GDP
Per capita gross domestic product ( purchasing power parity) of Australia is a bit more than United Kingdom, France and Germany. Per capita gross domestic product growth of Australia has been more than certain other countries, that are economically advanced, like New Zealand, Canada, United States of America and Netherlands.

Present condition of Australia GDP
Overall, Australian economy has not been doing as well as growth expectations had earlier indicated. This is understandable from results of quarter ending on September '08. Australian GDP has grown by 0.1 percent in the interim, when expressed in real terms. However, this does not come as a surprise, as economists had earlier forecast a growth rate of 0.2 percent. All this points to a fact that economy of Australia is slowing down.

Yearly GDP of Australia has risen, as of now, by 1.9 percent. In spite of this growth production of services and goods has not been sufficient in Australia. Also, there is softening of demand, hence there is little chance that situation would get any better soon.

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