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Indicators of economy in Australia

The essential economic performance of a country is reflected by the gross domestic product. So the total of all goods and services sold. Worldwide gross domestic product in 2020 was at about 10.912 US Dollar per capita. In contrast, the GDP in Australia reached 51.680 US dollars per inhabitant, or 1,327.84 bn US Dollar in the whole country. Australia is therefore one of the world's largest economies and is currently at rank 13. If this is calculated per inhabitant taking into account the purchasing power parity, then Australia is in the list of the world's richest countries in place 20.

Inflation in Australia was in 2021 at around 2.86%. Within the EU, the average in the same year was 2.62%. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 17.8% higher.
The Corruption Perceptions Index for the public sector counts 67 and is compared to other countries moderate.


Back to overview: Australia

Impact of the Covid-19 pandemic in 2020

Overall, the gross domestic product in Australia in 2020 decreased moderatly from 1,391.95 billion US Dollar to 1,327.84 billion US Dollar. Certainly, there have been shifts in some sectors of the economy, but a minus of 4.6% is still comparatively good this year. Numerous countries suffered more substantial losses. The tourism sector alone slumped by around 45 percent. The unemployment rate rose from 5.2 to 6.5 percent. The inflation rate has fallen from 1.6 percent previously to 0.8 percent by the end of 2020.

Unemployment rates in percent 1991 - 2021

Economic performance 2020

 Australia
Total
Australia
per capita
EU
Total
EU
per capita
GDP1,327.84 bn USD51,680.32 USD15,291.93 tn USD29,710.69 USD
Gross national product1,379.11 bn USD53,675.92 USD15,330.84 tn USD29,786.28 USD


Australia ranked 19th in the Bloomberg Innovation Index in 2021. The index is calculated annually and most recently included 60 countries. The front-runner was South Korea. 31 of the 2000 largest listed companies in the world originate from Australia. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country were in 2021:

Rank 78: Commonwealth Bank (Sydney)
Rank 79: BHP Group (Melbourne)
Rank 86: Rio Tinto ()
Rank 141: ANZ (Docklands)
Rank 157: Westpac Banking Group (Sydney)
Rank 168: NAB - National Australia Bank (Melbourne)
Rank 307: Macquarie Group (Sydney)
Rank 347: Fortescue Metals Group (East Perth)
Rank 357: Woolworths (Sydney)
Rank 435: Wesfarmers (Perth)

Development of the Gross domestic product in billion US Dollar 1960 - 2020



Im- and Exports 2020

 Australia
Total
Australia
per capita
EU
Total
EU
per capita
Imports249.85 bn USD9,724.35 USD7,340.01 bn USD14,260.90 USD
Exports300.76 bn USD11,705.93 USD7,939.04 bn USD15,424.75 USD


Development of imports and exports in billion US dollars 1989 - 2020

Exports
Imports



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