Economy of Australia

Economy The economy of Australia is a developed, modern market economy with a GDP of approximately US$1.23 trillion Australia was also ranked the 19th largest importer and 19th largest exporter Australia is a member of the APEC, G20, OECD and WTO organisations

The Australian economy is dominated by its service sector, representing 68% of Australian GDP. 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

Industry Australian food industry is also developed. Producing and exporting beef and mutton and milk products are some of the main economic activities. Farming sheep and cattle is also important. Australia is a great producer and exporter of sugar and wool.

Australia is 3rd country in producing gold.

It is 4th in producing stone coal, after China, the USA and India. Australia exported 266.2 million tonnes of iron ore to China China is also Australia’s largest source of imports. Major imports from China include clothing, communications equipment, computers, prams, toys, games and sporting goods, furniture and televisions.

Zlatko Bečak, Toni Božić and Stipe Jakus THE END Zlatko Bečak, Toni Božić and Stipe Jakus