Economy Overview
Australia is an important exporter of natural resources, energy, and food. Many foreign investors are attracted by Australia's abundant and diverse natural resources. For a little less than two decades, Australia's economy was booming due to the higher export prices than import prices. They had low public debt, low unemployment rates, and a stable financial system. In 2018, however, because of a sharp drop in prices and needs of export commodities, Australia's economy has stopped growing as quickly.
The Gross Domestic Product (GDP)
The official exchange rate for Australia's GDP is $1.38 trillion. The growth rate was 2.2% in 2017. The composition, by sector of origin is 71.2% of services, 25.3% of industry, and 3.6% of agriculture. Many of the agricultural products that Australia exports include sheep, sugarcane, barley, and wheat. Some of Australia's industries are mining, food processing, and industrial and transportation equipment. Recently, there has been a drop in exports of these items because they haven't been needed as much by other countries.
Source: CIA Factbook
URL: https://www.cia.gov/library/publications/the-world-factbook/geos/as.html
URL: https://www.cia.gov/library/publications/the-world-factbook/geos/as.html