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2022/02/28 16:22:17

Economy of Australia

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Content

Main article: Australia

GDP

2023: 1.5% growth forecast

Forecast of the dynamics of GDP of countries in 2023 at the beginning of July

2022

GDP estimate - $1.7 trillion

GDP countries around the world in 2022 according to IMF estimates

GDP size forecast - $1.7 trillion

Countries in terms of GDP in 2022, according to the IMF forecast for the middle of the year

2021: GDP size - $1.61 trillion

Countries by GDP in 2021, billion dollars
GDP countries in the world in 2021 according to the estimates of the International Monetary Fund (IMF)
The dynamics of countries in the ranking of the largest economies in the world

2020: Over 20 years, Australia's GDP has grown by 250%

2018: 1.67% of global GDP, 13th in the world

Share of countries by nominal GDP in the global economy in 2018
Leading countries in terms of nominal GDP in 2018

GDP in 2017 - $1.323 billion GDP per capita - $56.352

Structure of GDP

  • Agriculture - 3%
  • Industry - 23%, including production - 6%
  • Services - 78.1%

Components of GDP

  • Private consumption - 57%
  • Public consumption - 19%
  • Investments - 24%
  • Export - 21%
  • Import - (-21%)

Financial system

Sovereign Wealth Fund

As of 2022

Modern monetary theory

Main article: Modern Monetary Theory (SDT)

The financial policy of the country corresponds to the Modern Monetary Theory (SDT).

Non-financial debt

2022: Aggregate non-financial debt

Source: Spydell Finance, November 2022
Comparison of the 1 quarter of 2022 and the second quarter of 2008
Non-financial debt from September 2004 to March 2022

National debt

2023: State debt - 56% of GDP

Data for September 2023

2018: State debt - $22.2 thousand per capita

Public debt $22.2 thousand per capita at the end of 2018

2017: State debt - 41% of GDP

The ratio of public debt to the country's GDP, 2017

Inflation

2022: Inflation in November - 7.3%

Data for November 2022

Investments

2022: China's renewed investment after several years of decline

Minerals

Main article: Copper mining and production

2023

2022

Among the top 10 leading countries in the production of critical raw materials
Countries that dominate the production of critical raw materials (data for 2022)
4th in the world in uranium mining with an indicator of 4600 tons
Data for 2022
Lithium reserves - 7.9 million tons. Produced - 61,000 tonnes of lithium

Australia produces most of the lithium through hard rock mining.

Lithium production and reserves in countries around the world, 2022

The "triangle" of South America and Mexico as of April 2022 accounts for 60% of the world's lithium deposits.

2021

Australia's share of global rare earth mineral production - 7.9%
Data for 2021
Lithium production - 55,000 tons
2021
Oil Production Volume
Oil production in thousands of barrels per day by country in 2021

2018

4th place in terms of mining
Mining leaders in 2018
Among the top 10 countries in terms of silver production
Data for 2018
Copper production - 950 thousand tons
Copper mining by country in 2018

Foreign trade

Main article: Australian Foreign Trade

Labour market

2022: Proportion of workers aged 65 or over - above 15%

Data for 2022

Unemployment

2023: Youth unemployment - 7.8%

2020: Unemployment rate - 6.9%

Countries around the world in terms of unemployment in 2020

Incomes and debts of the population

2023

Households re-credited: their debts 110% of GDP

Minimum wage - $2022

Minimum wage in countries of the world for January 2023

R&D

2020: R&D spending - $23.1 billion

R&D expenses as of 2020

Sectors of the economy

Agriculture

2022: Low level of state support for agriculture

The size of state support for the country's agriculture to its GDP

2021: Share of farmland - 48%

Доля agricultural land from the total area of ​ ​ the countries of the world, 2021

2019: Low use of pesticides in agriculture

As of 2019

Tourism

Data for 2018

Energy carriers

Energy consumption per capita

and
Energy consumption per capita, including electricity, transport heating in 2019-2020

Gasoline price

World Gasoline Price Map as of February 12, 2018

Real estate

2023

Less than 1% of housing is available for rent, which inflated prices. Thousands of people are being left homeless

In September 2023, renting in Australia becomes harder than ever as one of the world's most acute property shortages escalates by the day. At this time, less than 1% of housing is available for rent in the country, which is much less than even in hot markets such as Singapore.

As a result, rents are soaring to sky-high levels, exacerbating an already acute shortage of living funds and forcing thousands of Australians homeless. The crisis will only intensify.

Lower property prices at the beginning of the year
As of April 2023

2022: High property value to family income ratio

Ratio of real estate value to average household income in cities in Q3 2022

2021: Negative dynamics of residential real estate construction

Dynamics of residential real estate construction in some countries from 2016 to 2021

Alcohol market

2024: Overabundance of wine in global market forces farmers in France and Australia to stop business and destroy their vineyards

In early March 2024, it became known that farmers in various regions were forced to destroy healthy vineyards and stop business. The reason is that an overabundance of wine has formed on the world market. Read more here.

The minimum age to purchase alcoholic beverages is 18 years

Data for 2018

Consumption

2023: Poultry meat is the most consumed type of meat

The most consumed type of meat (including fish and seafood) according to data available for June 2023.

See also