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Growth Rates of the Australian Economy Over the Last Ten Years

   

Added on  2020-04-01

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Principle of economics
Growth Rates of the Australian Economy Over the Last Ten Years_1
Table of ContentsGrowth rates over the period of last ten years............................................................................3Analysis of reasons of variation in growth rate.........................................................................4The key drivers of growth rate...............................................................................................4Reason for difference in growth rate......................................................................................5Challenges faces in enhancing their growth rate........................................................................8References................................................................................................................................10
Growth Rates of the Australian Economy Over the Last Ten Years_2
Table of FiguresFigure 1: Australian GDP rate over past ten years.....................................................................4Figure 2: Performance of various sectors in GDP.....................................................................6Figure 3: Contribution of net exports in GDP............................................................................8
Growth Rates of the Australian Economy Over the Last Ten Years_3
GROWTH RATES OVER THE PERIOD OF LAST TEN YEARSAustralia, a developed economy. Australia is the largest mixed market economies has a GDPof AUD$1.69 trillion as of 2017. In terms of wealth per adult, wealthiest nation afterSwitzerland is Australia. As of June 2016, the total wealth of Australia was AUD$8.9 trillion.Australia, by nominal GDP, was the 14th largest national economy, by PPP-adjusted GDP ithad 20th largest position, as good exporter it was 25th-largest and as good importer it was25th-largest.In the financial quarter of March 2017, the 103rd quarter and 26 years in the developed worldthe record of the longest run of uninterrupted GDP growth was taken by Australia since it hadtwo consecutive quarters of negative growth or technical recession (Hatfield-Dodds and et al.2015).Figure 1: Australian GDP rate over past ten yearsMining investment boom generated massive revenue and income benefits which have madethe economic performance of Australia strongest in the OECD over the last10 years. Now,there is a need to create new growth sources because the economy is facing new challengeswith the recession in mining (Shahiduzzaman & Alam, 2014). Australian industries need tomanage this transition to thrive in businesses by keeping a check on cost pressures and alsoimprove their productivity.
Growth Rates of the Australian Economy Over the Last Ten Years_4

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