Trade at a Glance 2013
In 2012 the Australian economy experienced:
- 3.7% GDP growth; and
- an average unemployment rate of 5.2%.
In comparison, OECD (Organization for Economic Development) counterparts recorded:
- 1.4% GDP growth; and
- an average unemployment rate of 8.0%
In 2012 Australia was one of only eight countries to have a AAA credit rating and a stable outlook from all three major international ratings agencies.
Underpinning Australia's strong economy is its open and transparent trade and investment environment, business-friendly regulatory approach and its trade and economic links with emerging economies, particularly in Asia.
Key economic indicators Australia
| 2002 | 2010 | 2011 | 2012 | ||
|---|---|---|---|---|---|
| Demand and production - chain volume measures, reference year 2010-11 | |||||
| Gross domestic product(a) | % change | 3.9 | 2.6 | 2.4 | 3.7 |
| Exports of goods & services(a) | % change | 0.6 | 5.3 | -0.8 | 6.3 |
| Imports of goods & services(a) | % change | 11.1 | 14.4 | 10.5 | 6.3 |
| Labour force | |||||
| Population(b) | '000 | 19,605 | 22,172 | 22,520 | 22,918 |
| Labour force(c) | '000 | 9,901 | 11,806 | 12,004 | 12,150 |
| Employed persons(c) | '000 | 9,271 | 11,189 | 11,393 | 11,514 |
| > Annual growth | % | 2.0 | 2.2 | 1.8 | 1.1 |
| Unemployment rate(c) | % | 6.4 | 5.2 | 5.1 | 5.2 |
| Prices and interest rates | |||||
| Consumer prices | % change | 2.9 | 2.8 | 3.0 | 2.2 |
| Interest rates - 90 day bills(c) | % pa | 4.7 | 4.7 | 4.8 | 3.7 |
(a) Derived from annual movements in original data.
(b) At end of period.
(c) Annual average.
Based on ABS and Reserve Bank, various catalogues.
Australia's industry structure 2012
|
Gross value added(a)
|
Employed persons(b)
|
|||
|---|---|---|---|---|
| $m | % share(c) |
'000 | % share |
|
| Agriculture, forestry & fishing | 32,219 | 2.3 | 333.5 | 2.9 |
| Mining | 145,398 | 10.6 | 266.4 | 2.3 |
| Manufacturing | 105,773 | 7.7 | 965.5 | 8.4 |
| Services | 976,983 | 71.2 | 9,915.6 | 86.1 |
| Electricity, gas, water & waste | 33,435 | 2.4 | 152.1 | 1.3 |
| Construction | 108,877 | 7.9 | 1,000.8 | 8.7 |
| Wholesale trade | 65,598 | 4.8 | 411.9 | 3.6 |
| Retail trade | 64,343 | 4.7 | 1,214.8 | 10.5 |
| Accommodation & food services | 33,507 | 2.4 | 769.6 | 6.7 |
| Transport, postal & warehousing | 72,379 | 5.3 | 563.5 | 4.9 |
| Information, media & telecommunications | 40,708 | 3.0 | 228.6 | 2.0 |
| Finance & insurance | 140,307 | 10.2 | 423.8 | 3.7 |
| Rental, hiring & real estate | 30,605 | 2.2 | 211.0 | 1.8 |
| Professional, scientific & technical | 94,765 | 6.9 | 910.5 | 7.9 |
| Administrative & support | 34,880 | 2.5 | 399.2 | 3.5 |
| Public administration & safety | 71,571 | 5.2 | 708.1 | 6.1 |
| Education & training | 61,281 | 4.5 | 889.0 | 7.7 |
| Health care & social assistance | 88,090 | 6.4 | 1,362.1 | 11.8 |
| Arts & recreation | 11,622 | 0.8 | 211.6 | 1.8 |
| Other services | 25,015 | 1.8 | 459.0 | 4.0 |
| Ownership of dwellings | 111,490 | 8.1 | ||
| Gross value added at basic prices(d) | 1,371,860 | 100.0 | ||
| Taxes less subsidies on products | 94,031 | |||
| Statistical discrepancy(e) | 9,315 | |||
| TOTAL(d) |
1,475,209
|
11,515 | 100.0 | |
(a) The term is used to describe gross product by industry and by sector (Chain Volume Measures reference year 2010-11). Industry breakdown based on ANZSIC 2006.
(b) Derived from seasonally adjusted data on an annual average.
(c) As a share of GDP at basic prices.
(d) Basic prices are amounts received by producers, including the value of any subsidies on products, but before any taxes on products. GDP at purchasers' (market) prices is derived by adding taxes less subsidies on products to gross value added at basic prices.
(e) Production approach.
Based on ABS catalogues 5206.0, 6202.0 and 6203.0.
Investment
The government is working to secure improved conditions for Australian investors and their investments in other economies. This includes promoting a more predictable and transparent environment for investments and regulatory arrangements that are more conducive to the cross-border flow of investment.
Australian investment abroad 2012(a)
($ million)
| Rank(b) | Country | Level of direct investment abroad |
Total Australian investment abroad(c) |
|
|---|---|---|---|---|
| 1 | United States | 103,383 | 433,980 | |
| 2 | United Kingdom | 56,232 | 217,876 | |
| 3 | New Zealand | 44,346 | 77,465 | |
| 4 | Germany | np(d) | 48,871 | |
| 5 | Canada | np(d) | 42,744 | |
| 6 | Japan | 226 | 39,103 | |
| 7 | France | 972 | 29,747 | |
| 8 | Netherlands | 6,031 | 27,798 | |
| 9 | Switzerland | np(d) | 27,483 | |
| 10 | Singapore | 10,828 | 26,661 | |
| Total all countries | 370,803 | 1,297,633 | ||
| of which: | APEC | 229,076 | 735,983 | |
| ASEAN10 | 24,041 | 53,463 | ||
| EU27 | 79,743 | 391,898 | ||
| OECD | 265,058 | 1,014,227 | ||
(a) Australian investment abroad: level of investment (stocks) as at 31 December 2012,
by selected country and country group
(b) Ranked on total Australian investment abroad.
(c) Includes portfolio investment.
(d) Not published
Source: ABS catalogue 5352.0.
Foreign investment in Australia 2012(a)
($ million)
|
Rank(b)
|
Country | Level of direct investment in Australia |
Level of total investment in Australia(c) |
|
|---|---|---|---|---|
| 1 | United States | 131,255 | 617,567 | |
| 2 | United Kingdom | 79,417 | 496,389 | |
| 3 | Japan | 61,202 | 126,434 | |
| 4 | Singapore | 23,823 | 55,938 | |
| 5 | Switzerland | 22,527 | 49,234 | |
| 6 | Hong Kong (SAR of China) |
7,282 | 42,104 | |
| 7 | Netherlands | 32,268 | 36,761 | |
| 8 | Canada | 21,233 | 31,822 | |
| 9 | New Zealand | 4,285 | 28,040 | |
| 10 | Luxembourg | 4,265 | 26,289 | |
| Total all countries | 549,626 | 2,167,673 | ||
| of which: | APEC | 276,357 | 970,649 | |
| ASEAN10 | 32,539 | 80,209 | ||
| EU27 | 155,528 | 646,765 | ||
| OECD | 398,253 | 1,502,406 | ||
(a) Foreign investment in Australia: level of investment (stocks) as at 31 December 2012, by selected country and country group.
(b) Ranked on level of total investment in Australia.
(c) Includes portfolio investment.
Source: ABS catalogue 5352.0.