The economy of the Continent Australia is one of the fastest developed and the most advanced economies in the world. In 2011 the worth of an average middle aged adult was over $350 000, making Australians per capita some of the wealthiest people in the world. Australia is a member of the APEC, G20, OECD and WTO organizations.
The Australian economy is dominated by its service sector including tourism, education and finance. The total contribution of this sector is approximately 70%, followed by Mining sector shares 8% of total GDP. Economic growth is largely dependent on the mining sector. Australian Economy is dependent on Crude Oil’ and petro Products’ imports.
According to report of International Monetary Fund(2011) Australia is ranked 5th in the world in terms of GDP (PPP). Australia’s sovereign credit rating is ‘AAA’, higher than that of the USA.
Last Updated on : 25th June 2013