Australia economy attains steady growth
Australia economy has grown steadily after the great economic depression in 1980 and the growth looks perfect. Many economic reforms made by the Australian government are the main reason for the steady growth in the economy of Australia.
The recent recession doesn’t make any notable changes in the country’s economy profile. The recent survey shows that Australia is considered as the safest place to survive during the times of recession. Australia is commodity driven market, that is most of the foreign exchange came by exporting goods.
The support extend by the state government to reduce the national debt is considered as the key to attain this much economic growth.
The GDP is $920 billion and 0.8% increase in country GDP. As like every other country the main contributor to the economy is service sector, but the percentage of contribution differs here 68% has came from the service sector
When you heard the name Australia then the next thing that comes in your mind will be raising and rearing of cattle and sheep. The cultivation of grains is the other agricultural area in which Australians are doing great.
Australia is rich in mineral wealth mainly of copper, bauxite, silver, gold, tin, tungsten, nickel and the list goes on. The mining industry is the main contributor towards the economy of Australia which accounts for nearly 10%. Japanese invested huge sum of capital in Australian mining industries.
The other industries which aids the Australia economy are iron and steel, food processing, transportation equipments, computer manufacturing. These industries contribute 10% to the GDP of the country.
Another interesting fact is that Australia is involved in free trade agreements with many countries like United States, New Zealand, and Singapore. The Chinese and Japanese are the major contributors of foreign direct investment.