Our world is shaped by an increasingly complex economic system. As a result, it has become more and more important for people to know what is going on around them. Unfortunately, finding and processing the relevant information to do this has become more difficult as well, due to the information overload. In reaction to this, we have been working on a series of infographics that illustrate the most important facts and figures about the economies of various countries all over the world. The following infographic shows the Australian economy at a glance.
Gross Domestic Product
Australia has a strong economy with a GDP in the trillion-dollar class. It scores 14th worldwide in per capita GDP (PPP). In addition to that, Australia’s GDP experiences a real growth rate of 2.7% per year. As a powerful and solid economy, it was comparatively unaffected by the global financial crisis. Its banking system has remained relatively strong throughout the crisis.
Income vs. Expenditure
Australia is running a budget deficit of USD 28.2 billion. Meanwhile its current account balance is below zero (USD -39.88 billion). Public debt is currently at 34.5% and inflation is under control at 2.5% per year. Australia is a significant exporter of natural resources, energy, and food. Not least because of its close ties to the fast-growing markets of Asia.
Australia has a powerful service economy. Its largest industries (by employment) are healthcare & social assistance and public administration and safety. Other relevant industries include retail trade, construction, professional scientific & technical services, manufacturing and education & training.
Labor Force and Unemployment
The country has a highly skilled and well-educated workforce. Over half the working age population in Australia has a qualification of some kind. Nevertheless, unemployment currently remains at 6.1%. New South Wales has Australia’s lowest unemployment rate at 5.8%. Meanwhile, South Australia has the highest rate at 8.2%.
Household Income and Poverty
Australia ranks above average in income equality. The highest 10% of the population earn 25.4% of total income while the lowest 10% earn 2% of total income. The median income currently stands at USD 34’224 per household and the minimum wage is USD 12.63 per hour. Nevertheless, about 13% of the population live below the poverty line.