Our economic system has become increasingly complex in recent years. A big part of this increased complexity is due to the ongoing globalization and international trade. To keep up with all the rapid changes and market developments, it has become more and more important to keep a pulse on a large number of national economies.
However, finding and processing this kind of information on the internet can be a rather tedious task. Therefore we have once again set out to a series of infographics that illustrate the most relevant facts and figures about various national economies worldwide. The following infographic provides an overview of the Australian economy 2016.
Gross Domestic Product (GDP)
Australia’s GDP stands at about USD 1.22 trillion. It has decreased slightly compared to the previous year. The country recently faced a number of growth constraints, after two decades of continuous growth and a strong and stable financial system. As a result its GDP real growth rate has decreased to 2.5% annually (2.7% in 2014). Nevertheless, Australia still scores 14th worldwide in per capita GDP (PPP) at USD 65’400.
Income vs Expenditure
Australia is still running a budget deficit of approximately USD 25.7 billion. Even though the budget deficit has decreased in absolute terms, it now stands at 2.1% of GDP as opposed to 1.9% in 2014. Meanwhile both imports and exports have decreased significantly, which results in a current account balance of USD -56.2 billion. Public debt has also increased to 44.3% of GDP (34.5% in 2014) and the inflation rate has decreased to 1.5% per year (2.5% in 2014).
When it comes to the largest industries, there have not been any significant changes. The Australian economy is still dominated by a strong service economy. Also, the countries largest industries (by employment) remain unchanged: healthcare & social assistance and public administration and safety. Other relevant industries still include retail trade, manufacturing, construction, professional scientific & technical services, and education & training.
Labor force and Unemployment
Australia’s workforce is still considered strong and highly educated. Unemployment has slightly increased to 6.2% (from 6.1% in 2014). This year, the Australian Capital Territory has the lowest unemployment rate at 3.8%. Meanwhile, South Australia has also experienced a decrease in its unemployment rate from 8.2% (in 2014) to 6.9%. Unfortunately though, it still finds itself at the end of the list.
Household Income and Poverty
Unfortunately, there was no new data released regarding household income and poverty. With the exception of the reported minimum wage, all changes in this section are due to changes in the official exchange rate. The numbers will be updated once they are released.
Last Year’s Report
<a href="https://quickonomics.com/2016/08/overview-of-the-australian-economy-2016/"><img src="https://quickonomics.com/wp-content/uploads/2016/08/overview-of-aus_8420485_ad16bf56ce54f369694cc413e122db56abb8885a-1-1.png" alt="Overview of the Australian Economy 2016" /></a><br />Source: <a href="https://quickonomics.com/">Quickonomics</a>