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Economy of Australia

CurrencyAustralian Dollar (A$ or AUD)
Year1 July - 30 June
OrgansAPEC, WTO and OECD
Rank13th (nominal) / 17th (PPP)
Gdp$1.23 trillion (2011 est.)
Growth2.7% (2010 est.)
Per Capita$54,868(nominal)
List of countries by GDP (PPP) (2010)
Sectorsagriculture: 4%; industry: 24.8%; services: 71.2% (2010 est.)
Inflation2.8% (Q-3-2010)
Gini0.331 (2009)
Labor11.62 million (2010 est.)
Occupationsagriculture: 3.6%; industry: 21.1%; services: 75% (2009 est.)
Unemployment4.9% (March 2011)
Industriesmining, industrial, education and transport equipment, food processing, chemicals, steel
Exports$210.7 billion (19th, 2010 est.)
Export-goodscoal, iron ore, education, gold, meat, wool, alumina, wheat, machinery and transport equipment
Export-partnersChina (21.81%), Japan (19.19%), South Korea (7.88%), India (7.51%), United States (4.95%), United Kingdom (4.37%), New Zealand (4.1%) (2009)
Imports$200.4 billion (19th, 2010 est.)
Import-goodsmachinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products
Import-partnersChina (17.94%), United States (11.26%), Japan (8.36%), Thailand (5.81%), Singapore (5.54%), Germany (5.3%) (2009)
FDI$329.1 billion (31 December 2010 est.)
Gross External Debt$1.169 trillion (31 December 2010 est.)
Debt22.4% of GDP (2010 est.)
DeficitA$20.3 billion (2011-12)
RevenueA$350.0 billion (2011-12)
ExpensesA$365.8 billion (2011-12)
Aiddonor: ODA, $2.5 billion (2005/06 Budget)
ReservesUS$41.212 billion (March 2011)

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:Throughout this article, the unqualified term "dollar" and the $ symbol refer to the Australian dollar.

The economy of Australia is a developed, modern market economy with a GDP of approximately US$1.23 trillion. In 2011, it was the 13th largest national economy by nominal GDP and the 17th largest measured by PPP adjusted GDP, representing about 1.7% of the World economy. Australia was also ranked the 19th largest importer and 19th largest exporter.

Australia is a member of the APEC, G20, OECD and WTO organisations. Australia has also entered into free trade agreements with ASEAN, Chile, New Zealand, Singapore, Thailand, and the United States. The ANZCERTA agreement with New Zealand has greatly increased integration with the New Zealand economy and there are now plans to form an Australasian Single Economic Market by 2015.

The Australian economy is dominated by its service sector, representing 68% of Australian GDP. The agricultural and mining sectors (10% of GDP combined) account for 57% of the nation's exports. The Australian economy is dependent on imported crude oil and petroleum products, the economy’s petroleum import dependency is around 80% - crude oil + petroleum products.

The Australian dollar is the currency of the Commonwealth of Australia and its territories, including Christmas Island, Cocos (Keeling) Islands, and Norfolk Island. It is also the official currency of the independent Pacific Island nations of Kiribati, Nauru and Tuvalu.

The Australian Securities Exchange is the largest stock exchange in Australia. Australia is home to some of the largest companies in the world including, BHP Billiton and Rio Tinto Group.

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