Australia has a fairly developed and modern market economy. GDP of the country was over $1 trillion by the end of the year 2009. Member of APEC, WTO, OECD and G20 organizations; Australia has entered into free trade agreement with a number of nations. Such list includes international organization like ASEAN and countries like Thailand , United States , Chile , Singapore , and New Zealand . Basic Features of Australian Economy †In terms of nominal GDP it was the 13 th largest in the world. †In terms of PPP adjusted GDP it was the 18 th largest in the world. †It represents around 1.7% of the world economy. †Australia is the 21 st largest importer and 23 largest among the exporters. Integration with New Zealand With the coming into force of the ANZCERTA agreement, the speed of integration has increased rapidly in case of Australia and New Zealand . It is expected that Australia would be able to create an Australasian Single Economic Market by 2015. Other Characteristics of Australian Economy Dominating sector of Australian economy is the service sector. Its features are ††Service sector represents 68% of the Australian GDP; †Agricultural and mining sectors constitute combined together around 57% of the export of the nation. †Currency of the country that is operable throughout the territory is the Australian dollar. †Largest stock exchange in the country is the Australian Security Exchange. Major Natural Resources in Australia Major natural resources in Australia are minerals, natural gas, uranium ore, coal, zinc, aluminum and lead. Other prominent resources are iron ore, petroleum, uranium, nickel and above all gold and diamond. Australia is also the largest exporter of coal, alumina, woo, diamonds, sheep, refined zinc ore, mineral sands, and lead. Other Natural Resources Exported by Australia Among other natural resources that are exported from Australia are lamb, sugar, veal, nickel, beef, cereals, iron ore, and mutton. In fact Australia is one of those few countries that are rich in mineral resources, natural resources, as well as agricultural products. Such characteristics makes the economy almost self sufficient. Result is that Australia is one of the affluent economies of the world today.
Please Rate this Article 5 out of 54 out of 53 out of 52 out of 51 out of 5
Not yet Rated
