Economics - Assignment Sample

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Added on 2021-06-14

Economics - Assignment Sample

Added on 2021-06-14

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Running head: ECONOMICS ASSIGNMENTEconomics assignmentName of the studentName of the universityAuthor Note

1ECONOMICS ASSIGNMENTTable of ContentsIntroduction:...............................................................................................................................2Real GDP growth rate of Australia:...........................................................................................3Unemployment rate of Australia:...............................................................................................4Consumption expenditure for the last 5 years:...........................................................................4Investment expenditure of Australia:.........................................................................................7Government expenditure of Australia:.......................................................................................8Net Export:.................................................................................................................................9Government policy of Australia:..............................................................................................10Sectoral contribution:...............................................................................................................12Conclusion:..............................................................................................................................14References:...............................................................................................................................15

2ECONOMICS ASSIGNMENTIntroduction:Economic growth represents increase in market value of products of an economy afteradjusting inflation over a long period. This growth can be obtained through measuring thepercentage rate of increase of real GDP of the country (Schandl et al. 2016.). Hence, toanalyse economic growth of Australia, it is essential to measure real gross domestic product(GDP) of this specified country as it can help to evaluate the performance of this country’seconomy. The GDP shows economic performance of the country for a long period, which canbe a year or quarter. Hence, this GDP can be considered as one of the most importantindicators for evaluating economy o a country. Australia has highly developed economyalong with a mixed market. In 2017, the gross domestic product of this country has remainedAUD$ 1.69 trillion. The country has maintained a longest run of uninterrupted GDP growthamong all developed countries across the world. The specified country has three chiefeconomical sectors, viz., primary or agriculture, secondary or manufacturing and servicesector. Each of these three sectors contribute significant portion to the national income ofAustralia though the most important and dominating sector is service sector. This is becausethe specified sector has contributed 61.1% to the country’s total GDP and has employedalmost 79.2% people of its total labour force in 2016 (Barraket et al. 2017). Four majorcomponents can help to measure the GDP of a country and those components are personalconsumption expenditure, investment, net exports and government expenditures. Throughanalysing those components one by one, the report can describe that whether GDP ofAustralia has helped the country to increase its economic growth or not.Thus, this report has intended to see GDP and economic growth of Australia for thelast 5 years. Moreover, based on this discussion, the report can analyse Australiangovernment policy and can also indentify that which sector has contributed more.

3ECONOMICS ASSIGNMENTReal GDP growth rate of Australia:The real economic growth rate represents economic growth of Australia in relation togross domestic product (GDP) over the period through adjusting inflation. A statisticaldiagram with data for the last 5 years can express the real GDP growth of Australia moreprecisely. Figure 1: GDP growth rate of Australia for the since 2013Source: (Tradingeconomics.com 2018)Figure 1 has represented GDP growth rate of Australia for the last five years.According to this diagram, the growth rate has declined significantly and has becomenegative within 2016-2017, due to related economical shock like fall in investment in miningsector and weak wage rate growth of this country (Alexander, Rutherford and Floyd 2018).During this situation, positive contributing to the country’s GDP has come from finalconsumption expenditure while net trade and non-dwelling construction has decreased overtime. Decreasing net export means, increasing production of agricultural goods and its exporthas helped the country’s economy to recover its condition again while exports of manifestingsectors have decreased. However, this GDP growth has reached at a stable position in 2018.The above trend has shown that the GDP growth of this country has experienced variousfluctuations over the year. However, instead of this drastic fluctuation, the country has

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Economics - Assignment Sample