Australia - Economy
How is the economy of Australia? Based on the information we have, Australia has a highly developed, diversified, regionally and globally integrated economy; strong mining, manufacturing, and service sectors; net exporter driven by commodities to East Asian trade partners; “Future Made in Australia” program focused on green energy investments. Key agricultural products in this country include: wheat, sugarcane, barley, milk, rapeseed, cotton, sorghum, beef, oats, chicken (2022).
More about the economy of Australia
| Labor force | 14.501 million (2023 est.) |
|---|---|
| Industrial production growth rate | 1.34% (2023 est.) |
| Industries | mining, industrial and transportation equipment, food processing, chemicals, steel |
| Population below poverty line | 13.4% (2020 est.) |
| Taxes and other revenues | 23.6% (of GDP) (2022 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | Australian dollars (AUD) per US dollar - |
| Exchange rates 2023 | 1.505 (2023 est.) |
| Exchange rates 2022 | 1.442 (2022 est.) |
| Exchange rates 2021 | 1.331 (2021 est.) |
| Exchange rates 2020 | 1.453 (2020 est.) |
| Exchange rates 2019 | 1.439 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2023 | $61.703 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $56.702 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $57.878 billion (2021 est.) |
| Current account balance | |
| Current account balance 2023 | $21.384 billion (2023 est.) |
| Current account balance 2022 | $17.741 billion (2022 est.) |
| Current account balance 2021 | $49.092 billion (2021 est.) |
| Public debt | |
| Public debt 2022 | 57.97% of GDP (2022 est.) |
| Budget | |
| Revenues | $431.371 billion (2022 est.) |
| Expenditures | $447.119 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 0.1% of GDP (2023 est.) |
| Remittances 2022 | 0.08% of GDP (2022 est.) |
| Remittances 2021 | 0.06% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.7% (2018 est.) |
| Highest 10% | 26.6% (2018 est.) |
| Average household expenditures | |
| On food | 10.4% of household expenditures (2022 est.) |
| On alcohol and tobacco | 4.2% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $363.573 billion (2023 est.) |
| Imports 2022 | $367.488 billion (2022 est.) |
| Imports 2021 | $299.549 billion (2021 est.) |
| Imports (partners) | China 28%, US 10%, South Korea 6%, Japan 6%, Singapore 5% (2022) |
| Comodities Imports force | refined petroleum, cars, garments, trucks, plastic products (2022) |
| Exports | |
| Imports 2023 | $363.573 billion (2023 est.) |
| Imports 2022 | $367.488 billion (2022 est.) |
| Imports 2021 | $299.549 billion (2021 est.) |
| Exports (partners) | China 29%, Japan 19%, South Korea 10%, India 7%, Taiwan 6% (2022) |
| Comodities Exports force | coal, iron ore, natural gas, gold, wheat (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $1.584 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $1.537 trillion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $1.475 trillion (2021 est.) |
| GDP (official exchange rate) | $1.724 trillion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $59,500 (2023 est.) |
| Real GDP per capita 2022 | $59,100 (2022 est.) |
| Real GDP per capita 2021 | $57,400 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 2.4% (2023 est.) |
| Industry | 27.4% (2023 est.) |
| Services | 64.2% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 49.6% (2023 est.) |
| Government consumption | 21.3% (2023 est.) |
| Investment in fixed capital | 23.2% (2023 est.) |
| Investment in inventories | 0.3% (2023 est.) |
| Exports of goods and services | 26.7% (2023 est.) |
| Imports of goods and services | -21.4% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 3.67% (2023 est.) |
| Unemployment rate 2022 | 3.7% (2022 est.) |
| Unemployment rate 2021 | 5.12% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 8.6% (2023 est.) |
| Male | 9.6% (2023 est.) |
| Female | 7.5% (2023 est.) |
All Important Facts about Australia
Want to know more about Australia? Check all different factbooks for Australia below.
