Macroeconomic Briefing of Australia and US

Running head: MACROECONOMIC BRIEFING OF AUSTRALIA AND US
Macroeconomic briefing of Australia and US
Name of the student
Name of the University
Author Note

1MACROECONOMIC BRIEFING OF AUSTRALIA AND US
Table of Contents
Introduction:....................................................................................................................................................2
Answer to Question 1.......................................................................................................................................2
Answer to question 2.......................................................................................................................................6
Answer to Question 3.......................................................................................................................................6
Answer to Question 4:......................................................................................................................................7
Answer to Question 5:......................................................................................................................................9
References......................................................................................................................................................12

2MACROECONOMIC BRIEFING OF AUSTRALIA AND US
Introduction:
In order to answer the given questions, two counties that are Australia and United States are taken
into consideration. The rate of growth of the gross domestic product, unemployment rate and the inflation
rate of Australia and the United States is collected from the Word Bank database and the International
Monetary Fund database. The data is collected from the databases from a period of 2000 to 2017. The
historical data is considered for the time period of 2000 to 2014 and the current data is considered for the
period of 2015 to 2017.
Answer to Question 1
The growth rate in gross domestic product is calculated annually at market price based on the local
currency. The aggregated are based on constant 2010 United States dollars. The rate of growth of the gross
domestic product for Australia in the period of 2000 was 3.94 percent annually. The highest rate of growth
of the gross domestic product was achieved by the Australian economy during the period of 2002 and 2004
which was around 4 percent. The economy was performing well during the period of 2007 and 2008 with a
growth of 3.77 and 3.65 per annum.In the year 2009 the suffered a set back and the rate of growth of the
economy fell to 1.92 percent. In the year 2012 the growth was around 3.89 percent ("World Bank Open
Data | Data", 2018).The graphical analysis is provided below.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
0
0.5
1
1.5
2
2.5
3
3.5
4
4.5
GDP growth of Australia
GDP growth of Australia
Figure 1: GDP of Australia
Source: Author’s own creation in MS Excel
Now, for United States, the growth rate of gross domestic product was 4 percent during the period
of 2000. It fell significantly to 0.97 percent in the year 2001. The economy started recovering from this low
growth level and increased to 3.34 percent per annum in 2005. During the period of 2008 and 2009 the US

3MACROECONOMIC BRIEFING OF AUSTRALIA AND US
economy experienced a negative growth rate of -2.77 percent. Finally the economy started recovering and
in 2014 the growth rate was 2.56 percent per annum ("World Bank Open Data | Data", 2018). Graphically,
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
-4
-3
-2
-1
0
1
2
3
4
5
GDP growth rate of US
Figure 2: GDP of United States
Source: Author’s own creation in MS Excel
When analyzing the historical data for unemployment rate in Australia, the rates were as high as
6.28 percent in 2000 and further increased to 6.73 percent in 2001. Further the unemployment rate
decreased to 5.92 percent in 2003 and further to 5.38 and 5.03 percent in 2004 and 2005. The
unemployment rate was as low as 4.23 percent in 2008 but steadily increased to 5.55 percent in 2009 to
5.65 percent in 2013 and finally to 6.07 percent in 2014 ("World Bank Open Data | Data", 2018). The
graphical analysis is provided below.
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
0
1
2
3
4
5
6
7
8
unemployment rate Australia
Figure 3: Unemployment rate of Australia
Source: Author’s own creation in MS Excel