Economy of Australia
| Australian currency: the Australian dollar is equivalent to $1.03 Canadian |
Australia is now one of the fastest growing advanced economies in
the world. It is the 13th largest economy in the world (according to
nominal GDP). In the last 20 years or so, Australia has had a
period of uninterrupted economic growth.
The economy of Australia is made up of two major industries. The west is home to most of Australia's natural resources, (for example, gold, oil, natural gas, etc.) while the majority of the country's service and financial industries is located in the east.
China is Australia's largest export market as well as a main import source. Like Canada and the United States, many goods (furniture, toys, clothing, etc.) are imported from China. In addition to China, Australia also holds free trade agreements with many other countries (such as Japan and the US). Australia is currently ranked 19th in the world for both imports and exports.
that’s so interesting how large Australia’s economy is! According to some newspapers Frances economy is at a halt which is not good at all. France’s main job sectors are: agriculture, industry and services. Their main trading partners are the EU, US, and China. It seems like most of the countries in the world trade with China!
ReplyDeleteThat is very interesting Amanda. China is the worlds largest exporter so it makes sense that it is Australia's largest importer and exporter. Can the Australian dollar be divided into sections like cents? Are they called cents? or are they different like the Chinese Fen? I cannot wait for your next blog.
ReplyDeleteI never knew that Australia had such a big economy! That's pretty cool. Italy is pretty close to Australia on the list of economic countries. It's the 8th largest economic country in the world. Australia's coins are almost the same as Italy's euros. They are rather large and have almost the same US value.
ReplyDeleteThat's very interesting, Amanda! I am blogging about the Economy soon but I imagine the economies will be very similar. I had no idea that Australia had such a successfull economy! That's very cool! I think it's interesting that Australia has the 13th largest economy in the world! That's Amazing! I look forward learning more about Australia.
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