Australia's GDP and Expenditure
Australia’s GDP and Government Expenditure
GDP or Gross Domestic Product measures the value of production and the income earned from that production that occurs within a nation’s boundaries (Hill, 2007). The total GDP value of Australia currently represents a 2.45 percent of the world economy. From 1960 to 2012 the yearly average of the Australian GDP was 325.7 USD Billion, with a reported all time high of 1520.6 USD Billion in December of 2012 and record low of 18.6 USD Billion in December of 1960. The next table represents the GDP of the last 4 years as reported by the Australian government every year.
2009
2010
2011
2012
Real GDP (% change)
1.4
2.6
2.4
3.6
Nominal GDP (US$ Billion)
978.5
1243.9
1489.1
1541.2
Real Consumer Spending (% change)
0.7
3.0
3.4
3.3
Real Government Consumption (% change)
1.7
3.6
2.5
3.1
Real Imports of Goods and Services (%change)
-8.9
14.2
10.9
6.4
Real Export of Goods and Services (% change)
2.1
5.7
-0.7
6.0
Source: IHS GLOBAL
Growth Rate
The GDP growth rate is a form of measure to understand how fast or slow the economy of a country is growing. This is done by comparing the total economic output of the country that is generated quarterly with the previous one. The GDP helps us evaluate the health of our economy and how to make it grow positively. When the economy grows, business grows as well, which creates jobs and increases personal income.
GDP Growth Rate in Australia averaged 0.88 Percent from 1959 until 2013, reaching an all time high of 4.50 Percent in the first quarter of 1976 and a record low of -2 Percent in the second quarter of 1974. Australia's economy is dominated by its services sector, yet its economic success is based on abundance of agricultural and mineral resources. Australia's comparative advantage in the export of primary products is a reflection of the natural wealth of the Australian continent and its small domestic market. The country
GDP or Gross Domestic Product measures the value of production and the income earned from that production that occurs within a nation’s boundaries (Hill, 2007). The total GDP value of Australia currently represents a 2.45 percent of the world economy. From 1960 to 2012 the yearly average of the Australian GDP was 325.7 USD Billion, with a reported all time high of 1520.6 USD Billion in December of 2012 and record low of 18.6 USD Billion in December of 1960. The next table represents the GDP of the last 4 years as reported by the Australian government every year.
2009
2010
2011
2012
Real GDP (% change)
1.4
2.6
2.4
3.6
Nominal GDP (US$ Billion)
978.5
1243.9
1489.1
1541.2
Real Consumer Spending (% change)
0.7
3.0
3.4
3.3
Real Government Consumption (% change)
1.7
3.6
2.5
3.1
Real Imports of Goods and Services (%change)
-8.9
14.2
10.9
6.4
Real Export of Goods and Services (% change)
2.1
5.7
-0.7
6.0
Source: IHS GLOBAL
Growth Rate
The GDP growth rate is a form of measure to understand how fast or slow the economy of a country is growing. This is done by comparing the total economic output of the country that is generated quarterly with the previous one. The GDP helps us evaluate the health of our economy and how to make it grow positively. When the economy grows, business grows as well, which creates jobs and increases personal income.
GDP Growth Rate in Australia averaged 0.88 Percent from 1959 until 2013, reaching an all time high of 4.50 Percent in the first quarter of 1976 and a record low of -2 Percent in the second quarter of 1974. Australia's economy is dominated by its services sector, yet its economic success is based on abundance of agricultural and mineral resources. Australia's comparative advantage in the export of primary products is a reflection of the natural wealth of the Australian continent and its small domestic market. The country