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The economic growth of Australia in the last five years

   

Added on  2021-06-17

11 Pages3165 Words133 Views
1ECONOMICS AND INTERNATIONAL TRADE

2Table of contents1.0 Introduction..........................................................................................................................42.0 Methods................................................................................................................................43.0 Findings................................................................................................................................44.0 Discussion and analysis........................................................................................................44.1 Analysis of the GDP and the economic growth of Australia in the last 5 years..................44.2 Reforms in the agriculture industry of the economy and its contribution towards thegrowth........................................................................................................................................64.3 Demand and supply for solar industry in Australia and its impact on economy.................75.0 Recommendations................................................................................................................96.0 Conclusion............................................................................................................................9Reference..................................................................................................................................10

31.0 IntroductionEconomy has become one of the most important identities for any country of the world. Thestronger the economy of any country betters its control over the geopolitics. There are anumber of factor that determines the economic performance of any country. Few of them arethe policies of the government and the performances of different industries that contribute tothe Gross Domestic Product (GDP). The aim of this paper is to discuss the economy ofAustralia. It analyses the GDP and the economic growth of the country along with the actionstaken by the government of the country. In addition to that, the paper also talks about thereforms in the agricultural sector of the Australian economy. Furthermore, the demand andthe supply for the solar power industry of the economy have also been discussed in the study.2.0 MethodsThe data and information used in the study of the paper have been collected from thedifferent journals and articles related to the economy of Australia. In addition to that, the dataand information have also been collected from website of Australian statistical bureau. Thepaper synthesise the data collected through the content analysis process and presents thestudy as a form of descriptive layout. 3.0 FindingsAustralia is one of the major economic powers of the market and its steady growth rate addsto the credibility of the country. The investment inflow in the economy has grown over theyears following many changes in the economy such as the mining boom and the changes inthe policies of the government. The reforms in the agriculture sector has reduced price, whilethe solar power created more jobs for the people of the country. 4.0 Discussion and analysis4.1 Analysis of the GDP and the economic growth of Australia in the last 5 yearsAustralian economy is one of the largest and well performing mixed economies of the world.The GDP of the country as per the figure of 2017 is 1.79 trillion USD and its per capita iswealth is second largest in the world. The total wealth of the country as per the figure of 2016is around $8.9 trillion USD. In terms of the nominal GDP, this country is the 14th largest

4economy of the world. Among all the developed economy of the world, Australia has arecord of longest run of uninterrupted economic growth. 201220132014201520162017020000000000040000000000060000000000080000000000010000000000001200000000000140000000000016000000000001800000000000GDP (current US$)GDP (current US$)Figure: The GDP of the country from the year 2012 to 2017(Source: Smith and Pickles, 2017)The largest economic sector of the country is the service sector which accounts for 64.4% ofthe overall GDP of the country. In addition to that this sector of the Australian economy alsoemploys 79.2% of the overall labour force of the country. The uninterrupted economicgrowth that it has experienced over the years is attributed to the impressive performance andexpansion of the service sector of the economy (Antonakakis et al. 2015). However, since theend of 3rd quarter of the year 2016, the service sector of the country started to shrinkcompared to the other sector of the economy. This initially affected the GDP of theAustralian economy. The figure above shows the dip in the GDP of the country during theyear 2016.

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