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senting all of Australia's internal and external territories; 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 Economy Australia Economy - overview: Australia has an enviable Western-style capitalist economy, with a per capita GDP on par with the four dominant West European economies. Rising output in the domestic economy has been offsetting the global slump, and business and consumer confidence remains robust. Australia's emphasis on reforms, low inflation, and growing ties with China are other key factors behind the economy's strength. The impact of drought, weak foreign demand, and strong import demand pushed the trade deficit up to $18 billion in 2003 and to $20 billion in 2004 from $8 billion in 2002. One other concern is the domestic housing bubble. GDP: purchasing power parity - $571.4 billion (2003 est.) GDP - real growth rate: 3% (2003 est.) GDP - per capita: purchasing power parity - $29,000 (2003 est.) GDP - composition by sector: agriculture: 3.5% industry: 26.3% services: 70.2% (2003 est.) Investment (gross fixed): 24.8% of GDP (2003) Population below poverty line: NA Household income or consumption by percentage share: lowest 10%: 2% highest 10%: 25.4% (1994) Distribution of family income - Gini index: 35.2 (1994) Inflation rate (consumer prices): 2.8% (2003 est.) Labor force: 10.19 million (37256) Labor force - by occupation: agriculture 5%, industry 22%, services 73% (1997 est.) Unemployment rate: 6% (2003) Budget: revenues: $185 billion expenditures: $181 billion, including capital expenditures of NA (2003) Public debt: 18.2% of GDP (2003) Agriculture - products: wheat, barley, sugarcane, fruits; cattle, sheep, poultry Industries: mining, industrial and transportation equipment, food processing, chemicals, steel Industrial production growth rate: -0.1% (2003 est.) Electricity - production: 198.2 billion kWh (2001) Electricity - consumption: 184.4 billion kWh (2001) Electricity - exports: 0 kWh (2001) Electricity - imports: 0 kWh (2001) Oil - production: 731,000 bbl/day (2001 est.) Oil - consumption: 796,500 bbl/day (2001 est.) Oil - exports: 523,400 bbl/day (2001) Oil - imports: 530,800 bbl/day (2001) Oil - proved reserves
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