Instruct: Given a question, retrieve relevant documents that answer the question.
Query: What's Australia's GDP?
The economy of Australia is a large mixed-market economy, with a GDP of A$1.69trillion as of 2017.[26] In 2018 Australia overtook Switzerland, and became the country with the largest median wealth per adult.[27] Australia's total wealth was AUD$8.9trillion as of June 2016.[28] In 2016, Australia was the 14th-largest national economy by nominal GDP,[2] 20th-largest by PPP-adjusted GDP,[3] and was the 25th-largest goods exporter and 20th-largest goods importer.[29] Australia took the record for the longest run of uninterrupted GDP growth in the developed world with the March 2017 financial quarter, the 103rd quarter and marked 26 years since the country had a technical recession (two consecutive quarters of negative growth).[30]
Tourism in Australia is an important component of the Australian economy. In the financial year 2014/15, tourism represented 3.0% of Australia's GDP contributing A$47.5 billion to the national economy. Domestic tourism is a significant part of the tourism industry, representing 73% of the total direct tourism GDP.
At the turn of the current century, Australia experienced a significant mining boom. The mining sector's contribution to overall GDP grew from around 4.5% in 1993–94, to almost 8% in 2006–07. The services sector also grew considerably, with property and business services in particular growing from 10% to 14.5% of GDP over the same period, making it the largest single component of GDP (in sectoral terms). This growth has largely been at the expense of the manufacturing sector, which in 2006–07 accounted for around 12% of GDP. A decade earlier, it was the largest sector in the economy, accounting for just over 15% of GDP.[68]
Japan and Australia are the largest markets in the Asia Pacific region, with commercial liability premiums of USD 6.0 billion and USD 4.8 billion, respectively, in 2013. At 0.12% of GDP, the penetration of liability insurance in Japan is much lower than in other advanced economies. In Australia, penetration is much higher at 0.32% of GDP. This is due to the country’s English law derived legal framework, which has increased demand for employers’ liability insurance. Australia has mandatory covers for aviation, maritime oil pollution and residential construction and, in certain states, for medical practitioners, property brokers and stock brokers. Liability insurance premiums have grown at an average annual rate of 11% since 2000.
Australia maintains a relatively low tax burden in comparison with other wealthy, developed nations, at 27.8% of GDP in 2018.
The Australian Securities Exchange in Sydney is the largest stock exchange in Australia and in the South Pacific. New Zealand is the 53rd-largest national economy in the world measured by nominal gross domestic product (GDP) and 68th-largest in the world measured by purchasing power parity (PPP). In 2012, Australia was the 12th largest national economy by nominal GDP and the 19th-largest measured by PPP-adjusted GDP.
The economy of Australia is one of the most developed, modern market economies in the world and the most productive in South Pacific, with a GDP of approximately US$1.6 trillion. Australia's total wealth is 6.4 trillion dollars. In 2011, it was the 13th largest national economy by nominal GDP. Businesspersons involved in different activities, whether commercial or industrial, for the purpose of generating revenue from a combination of human, financial, and physical capital are listed here.
The GDP of New Caledonia in 2007 was 8.8 billion US dollars at market exchange rates, the fourth-largest economy in Oceania after Australia, New Zealand, and Hawaii. The GDP per capita was 36,376 US dollars in 2007 (at market exchange rates, not at PPP), lower than in Australia and Hawaii, but higher than in New Zealand.
Australia's per-capita GDP is higher than that of the UK, Canada, Germany and France in terms of purchasing power parity. Per Capita GDP (PPP) Australia is ranked 18th in the world (CIA World Factbook 2016). The country was ranked second in the United Nations 2016 Human Development Index and sixth in The Economist worldwide quality-of-life index 2005.[61][62] In 2014, using constant exchange rates, Australia's wealth had grown by 4.4% annually on average since 2007, compared with a 9.2% rate over 2000–2007.[63] Australia's sovereign credit rating is "AAA" for all three major rating agencies, higher than the United States of America.
Australia's defence expenditure is much larger in dollar terms to that of most countries in Australia's immediate region. The share of GDP Australia spends on defence is also larger than that in most developed economies and major South-East Asian countries. China allocates approximately the same proportion of GDP to Defence as Australia does, and has been rapidly increasing its nominal expenditure. The Stockholm International Peace Research Institute has estimated that Australia's defence spending in 2015 was the 13th highest of any country in real terms. As a proportion of GDP Australia's defence spending ranks as 49th of the countries for which data is available.
The UK's Natural Capital Committee highlighted the shortcomings of GDP in its advice to the UK Government in 2013, pointing out that GDP "focuses on flows, not stocks. As a result, an economy can run down its assets yet, at the same time, record high levels of GDP growth, until a point is reached where the depleted assets act as a check on future growth". They then went on to say that "it is apparent that the recorded GDP growth rate overstates the sustainable growth rate. Broader measures of wellbeing and wealth are needed for this and there is a danger that short-term decisions based solely on what is currently measured by national accounts may prove to be costly in the long-term".
The enzymes substrate, what the enzyme is acting on, is the GDP-Mannose substance. No other substrates are use this enzyme for reactions.
In the financial year 2014/15, tourism represented 3.0% of Australia's GDP contributing A$47.5billion to the national economy.[120] Domestic tourism is a significant part of the tourism industry, representing 73% of the total direct tourism GDP.[120]
A gross product account for a nation (in which GDP is an entry) is an account of factor incomes and factor expenditures generated by production. It is "not" (as Thomas Piketty highlighted) an account of the total capital assets of a nation, that shows what happens with those assets, "nor" an account of the distribution of all the nation's incomes. When journalists equate GDP with "the whole economy", this is not only false; it also hides half of what is going on.
The Debt-to-GDP ratio is the proportion of a country's federal debt in relation to its total output or GDP. According to the Bangko Sentral ng Pilipinas (BSP), the ratio of what the Philippines owes from foreign creditors (external debt) to what it has been producing (GDP) has gone through a significant growth from 61.6% in 1999 to 68.2% in 2001. The ratio fluctuated until 2004 when it started a steady decline up to 2008. It rose again to 38.4% in 2009, but eventually fell down to 36.9% in 2010. Up until 2015, the trend was declining, with a 27.3% ratio at the end of 2014. Figures have generally been fluctuating (in terms of public and private external debt). Governments basically aim for low debt-to-GDP ratios because such is an indicator that the economy is producing high enough output to pay off its borrowings.
Australia is the only first world country in the Australian-New Guinea continent, although the economy of Australia is by far the largest and most dominant economy in the region and one of the largest in the world. Australia's per-capita GDP is higher than that of the UK, Canada, Germany, and France in terms of purchasing power parity.[76] The Australian Securities Exchange in Sydney is the largest stock exchange in Australia and in the South Pacific.[77] In 2012, Australia was the 12th largest national economy by nominal GDP and the 19th-largest measured by PPP-adjusted GDP.[78] Tourism in Australia is an important component of the Australian economy. In the financial year 2014/15, tourism represented 3.0% of Australia's GDP contributing A$47.5 billion to the national economy.[79] In 2015, there were 7.4 million visitor arrivals.[80]
There are currently an estimated 2,000 pig producers in Australia, producing 5 million pigs annually (Productivity Commission). Although relatively small on the world stage (0.4% world production), the industry provides a significant positive impact on local, regional, state, and national economies through income generation and employment. The pork industry contributes approximately $970m to Australia's GDP and the supply chain contributes $2.6billion to the GDP. The industry generates over $1.2b of household income, directly employing 6,500 full-time positions, and the supply chain employs 29,000 people. The Australian pork industry is represented by Australian Pork Limited, a producer-run company created by legislation.
The manufacturing industry in Australia has declined from 30% of GDP in the 1960s to 12% of GDP in 2007.[109]
The total GDPs of the British Empire and Austro-Hungarian Empire were difficulty to calculate due to lack of information from some localities in Maddison's work. There is no information to speculate the GDP of many colonies and national subdivisions. In the case of Austria-Hungary, the data given is about the modern territory of the Austria and Hungary, while the majority of the population and economy lied out today's borders. There were data about future countries that were once part of the Empire. Using that, the Czechoslovakia's GDP was split in the rate of 2:1 to Austria and Hungary respectively because of the location of each part in the former empire and the population rate between Czech and Slovakian territories of 2:1. Data about the GDP of the territory of the future Yugoslavian kingdom in 1890s existed, so the proportion of the population among Croatia-Slavonia, Serbia and the other constituents of the future kingdom where used deduce the GDP of each place. Information about Galician GDP was deduced using the proportion of the people it had in what would become Poland. Information about other parts were missing, so the GDP of the Austro-Hungarian Empire was actually bigger than shown, as well as the British Empire.
In the late 19th century, Australia's economic strength relative to the rest of the world was reflected in its GDP. In 1870, Australia had the highest GDP per capita in the world due to economic growth fuelled by its natural resources. However, as Australia's population grew rapidly over the 20th century, its GDP per capita dropped relative to countries such as the US and Norway. However, the Australian economy has been performing nominally better than other economies of the OECD and has supported economic growth for over 20 consecutive years.[127] According to the Reserve Bank of Australia, Australian per capita GDP growth is higher than that of New Zealand, US, Canada and The Netherlands.[128] The past performance of the Australian economy has been heavily influenced by US, Japanese and Chinese economic growth.
Since 2008, inflation has typically been 2–3% and the base interest rate 5–6%. The service sector of the economy, including tourism, education, and financial services, accounts for about 70% of GDP. Rich in natural resources, Australia is a major exporter of agricultural products, particularly wheat and wool, minerals such as iron-ore and gold, and energy in the forms of liquified natural gas and coal. Although agriculture and natural resources account for only 3% and 5% of GDP respectively, they contribute substantially to export performance. Australia's largest export markets are Japan, China, the US, South Korea, and New Zealand. Australia is the world's fourth largest exporter of wine, and the wine industry contributes A$5.5 billion per year to the nation's economy.
Few comprehensive statistics on the Nauru economy exist, with estimates of Nauru's GDP varying widely. According to the U.S. State Department, Nauru's GDP volume was US$1 million in 2004. Nauru receives about US$20 million foreign aid a year from Australia.
Between 1992 and 2002, the growth in the gross state product of Queensland outperformed that of all the other states and territories. In that period Queensland's GDP grew 5.0% each year, while growth in Australia's gross domestic product (GDP) rose on average 3.9% each year. Queensland's contribution to the Australian GDP increased by 10.4% in that period, one of only three states to do so.[61]
NSW has the largest economy in Australia, valued at $558 billion in 2016-17 or about 33% of Australia's GDP. This is one third larger than that of the next State and Sydney alone accounts for almost one quarter of Australia's GDP.
Due to the world financial crisis, South Korea and Australia exited the trillion dollar club as their nominal GDPs shrank below $1 trillion in 2008 and 2009 respectively. Australia rejoined the list in 2010 while South Korea did so in 2011 as these countries' nominal GDPs once again were above $1 trillion. Accordingly, with the IMF, Mexico's estimated nominal GDP in 2009 also disminished below the trillion dollar mark, although other sources such as the CIA reported it above the mark.