Economy
Economy—overview: Australia has a prosperous Western-style capitalist economy, with a per capita GDP at the level of the four dominant West European economies. Rich in natural resources, Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels. Commodities account for 57% of the value of total exports, so that a downturn in world commodity prices can have a big impact on the economy. The government is pushing for increased exports of manufactured goods, but competition in international markets continues to be severe. Australia has suffered from the low growth and high unemployment characterizing the OECD countries in the early 1990s, but the economy has expanded at reasonably steady rates in recent years. Canberra's emphasis on reforms is a key factor behind the economy's resilience to the regional crisis and its stronger than expected growth rate that reached 4.5% last year. After a slow start in 1998, exports rebounded in the second half of the year because of a sharp currency depreciation and a redirection of sales to Europe, North America, and Latin America.
GDP: purchasing power parity—$393.9 billion (1998 est.)
GDP—real growth rate: 4.5% (1998 est.)
GDP—per capita: purchasing power parity?$21,200 (1998 est.)
GDP—composition by sector: agriculture: 4% industry: 31% services: 65% (1997 est.)
Population below poverty line: NA%
Household income or consumption by percentage share: lowest 10%: 2.5% highest 10%: 24.8% (1989)
Inflation rate (consumer prices): 1% (1998)
Labor force: 9.2 million (December 1997)