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Indicators of economy in Australia

The essential economic performance of a country is reflected by the gross domestic product, the total of all goods and services sold. Worldwide gross domestic product in 2021 was at about 12,230 USD per capita. GDP in Australia, on the other hand, reached USD 60,443 per capita, or 1.553 trillion USD for 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 purchasing power parity into account, then Australia ranks 21st in the list of the richest countries.

Inflation in Australia in 2021 was around 2.86%. Within the EU, the average in the same year was 2.55 percent. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 18.0 percent higher.
The index for perceived corruption in the public sector is 73, which is above average by global standards.


Back to overview: Australia

Impact of the COVID-19 pandemic

Overall, the gross domestic product in Australia in 2020 decreased moderatly from 1.392 trillion US dollars to 1.327 trillion US dollars. Certainly, there have been shifts in some sectors of the economy, but a drop of 4.7 percent 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 fell from 1.6 percent previously to 0.8 percent by the end of 2020.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

 Australia
Total		Australia
per capita		EU
Total		EU
per capita
GDP1.553 tn USD60,443.11 USD17.177 tn USD33,384.92 USD
Gross national product1.468 tn USD57,166.21 USD16.895 tn USD32,835.37 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. Out of the 2,000 largest listed companies in the world, 30 originate from Australia. This is determined annually in the Forbes Global 2000 list. The 10 largest companies in the country in 2022 were:

Rank 75: BHP Group (Melbourne)
Rank 107: Commonwealth Bank (Sydney)
Rank 174: Westpac Banking Group (Sydney)
Rank 192: ANZ (Melbourne)
Rank 199: NAB - National Australia Bank (Melbourne)
Rank 312: Macquarie Group (Sydney)
Rank 371: Fortescue Metals Group (East Perth)
Rank 374: Woolworths (Sydney)
Rank 547: CSL (Parkville)
Rank 559: Wesfarmers (Perth)

Development of gross domestic product in billions of USD 1960 - 2021


› Debt budget development
› Development of inflation
› Corruption in Australia
› Cost of living in a global comparison

Imports and Exports 2021

 Australia
Total		Australia
per capita		EU
Total		EU
per capita
Imports297.35 bn USD11,575.45 USD8.916 tn USD17,329.02 USD
Exports390.41 bn USD15,198.23 USD9.554 tn USD18,569.19 USD


Development of imports and exports in billions of USD 1989 - 2021

Exports
Imports



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