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GSB013 - Economics for Managers - Assignment

   

Added on  2020-03-02

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Economics 1ECONOMICS FOR MANAGERSStudents NameCourseProfessor’s nameUniversity(City)StateDate
GSB013 - Economics for Managers - Assignment_1
Economics 2ContentsAustralian Car Manufacturing Industry.......................................................................................................3Relationship Between Australia Automotive Industry and Government.`...................................................5Prediction in the Event of Macroeconomic changes....................................................................................8Insights and Recommendations.................................................................................................................11References.................................................................................................................................................15
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Economics 3Australian Car Manufacturing IndustryNotably, the Australian automotive industry was once a glorious industry but has sincedeclined. Equally, the automotive manufacturing sector contribution to the gross domesticproduct has reduced over the years. Currently, manufacturing in Australia dropped to 24033 mAustralian dollar during the first quarter of the year from million in the year 2016(TradingEconomics,2017). Specifically, since the year 2014,the car industry contribution to the grossdomestic product has significantly reduced due to the challenges facing the industry.Towards thefirst quarter of the year 2014,the car manufacturing industry made 25940m Aus($) whichreduced to 25573m at the close of the year .Similarly, in the first quarter of the year 2015,itscontribution stood at 25553 m and 24763m as at the fourth quarter of the year2015.Moreover,there was a significant drop in the contribution between July 2016 and January2017.Source: (Trading Economics, 2017).
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Economics 4 Noteworthy, the automotive manufacturing industry in Australia is among the top sectorcontributors of its gross domestic product. According to the Australia Bureau of Statistics data,car manufacturing industry accounted for 6 per cent of the Australian Gross domestic product inthe years 2015-16 with an output of 99.4 billion. Further, the car manufacturing industry inAustralia managed to employ 0.9million workers (Department of industry, innovation andscience,2016).Manufacturing industry contribution to GDP has declined over theyears(Kryger,2014).Noteworthy,in the year 2013-14,6.5% of the Australian gross domesticproduct came from the manufacturing sector which is considered the lowest figure in fourpreceding years.The decline in contribution is due to the fact that major car producers haveclosed their operations in most Australian states hence less revenues for the government ofAustralia and high unemployment rates.Source: (Australian Bureau of Statistics, 2017).
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