Economy

Australia has a prosperous Western-style capitalist economy, with a per capita GDP at the level of the highly industrialized West European countries. Rich in natural resources, Australia is a major exporter of agricultural products, minerals, metals, and fossil fuels. Commodities account for 57% of the value of total exports, so that a downturn in world commodity prices can have a big impact on the economy. The government is pushing for increased exports of manufactured goods, but competition in international markets continues to be severe.

Australia has suffered from the low growth and high unemployment characterizing the OECD countries in the early 1990s, but the economy has expanded at reasonably steady rates in recent years. In addition to high unemployment, short-term economic problems include a balancing of output
growth and inflationary pressures and the stimulation of exports to offset
rising imports, especially given the economic crisis in Asia.

GDP—purchasing power parity—$394 billion (1997 est.)

GDP—real growth rate: 3.3% (1997 est.)

GDP—per capita: purchasing power parity—$21,400 (1997 est.)

GDP—composition by sector:

agriculture	4%
industry	31%
services	65%