|
|
|
KEY ECONOMIC INDICATORS
Australia has a developed and technologically powerful economy in the world, with a per capita Gross National income of $21,650 (2003).
However, this is slightly lower than average GNI of other rich countries. In terms of purchasing power parity, Per capita GDP in 2002 was US $ 28,260. Average annual growth rate of GDP was 2.4 % during 2003, while GDP per capita grew at 1.2 % in the same year.
Being a developed country, service sector contributes maximum to GDP, followed by Industry. Share of agriculture in total income has declined steadily over the past few years.
Being a developed country, service sector contributes maximum to GDP, followed by Industry. Share of agriculture in total income has declined steadily over the past few years.
|
Yet, Australia is an outstanding producer of primary products. The country is self-sufficient in almost all foodstuffs is also a major exporter of wool, meat, dairy products, and wheat. Wool has been a constant contributor to the progress of economy curve in Australia and in turn has helped the agricultural sector to grow too.
In the years between 1960, mining became a
leading segment in the economy. Increasing demand of mineral ores in Japan and among other trading partners of Australia led to a rise in the exports of mining and manufacturing goods, which, in turn, exceeded the exports of agriculture. An increasing focus on services and high-tech industries has also helped to diversify and modernize the Australian economy.
|