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