consulate(s) general: Sydney
consulate(s): Melbourne and Perth
Flag description: blue with the flag of the UK in the upper hoist-side quadrant and a large seven-pointed star in the lower hoist-side quadrant; the remaining half is a representation of the Southern Cross constellation in white with one small five-pointed star and four, larger, seven-pointed stars
Australia 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. While Australia has suffered from the low growth and high unemployment characterizing the OECD countries in the early 1990s and during the recent financial problems in East Asia, the economy has expanded at a solid 4% annual growth pace in the last five 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. Growth in 2001 will depend on key international commodity prices, the extent of recovery in nearby Asian economies, and the strength of US and European markets.
GDP: purchasing power parity - $445.8 billion (2000 est.)
GDP - real growth rate: 4.7% (2000 est.)
GDP - per capita: purchasing power parity - $23,200 (2000 est.)
GDP - composition by sector: agriculture: 3%
industry: 26%