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%

services: 71% (1999 est.)

Population below poverty line: NA%

Household income or consumption by percentage share: lowest 10%: 2%

highest 10%: 25.4% (1994)

Inflation rate (consumer prices): 1.4% (2000 est.)

Labor force: 9.5 million (December 1999)

Labor force - by occupation: services 73%, industry 22%, agriculture
5% (1997 est.)

Unemployment rate: 6.4% (2000)

Budget: revenues: $94 billion

expenditures: $103 billion, including capital expenditures of $NA
(1999 est.)

Industries: mining, industrial and transportation equipment, food
processing, chemicals, steel

Industrial production growth rate: 1.5% (1999 est.)

Electricity - production: 191.727 billion kWh (1999)

Electricity - production by source: fossil fuel: 89.93%

hydro: 8.36%

nuclear: 0%

other: