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The Developing Australian Economy

            Australia is one of the fastest developing economies in the world. Australia is the 13th largest economy in the world as per nominal GDP (current prices) and 17th biggest as indicated by GDP (PPP). In the previous two decades, Australia has enjoyed in a time of uninterrupted economic development – an average of 3.3 percent in real GDP growth yearly. Australia has an overall well diversified economy supported by the quality of its services and resources industries. A country's economy is effected by various factors but three core indica¬tors effecting Australian economy are GDP, Unemployment, and Inflation. Other important indica¬tors are incomes (including income distribution) and productivity.
             The gross domestic product (GDP) is one the primary indicators used to gauge the health of a country's economy. It represents the total dollar value of all goods and services produced over a specific time period – one can consider it as the size of the economy. The starting point for the current Australian economy is above-trend growth of GDP over the year fueled due to rapid growth of resource exports but was below its longer-term average. This reflected the combination of stronger growth in dwelling investment, a pick-up in consumption growth over the year as a whole, subdued growth in public demand and non-mining business investment, and a substantial decline in mining investment. The above scenario can be justified with the following data and graph. GDP in Australia stretched 2.70 percent 2014 over the same quarter compared to last year and is expected to grow 2.79 percent in 2015. Gross domestic product Annual Growth Rate in Australia averaged 3.48 percent from 1960 till 2014. .
             Another major factor effecting Australian economy is unemployment.


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