Source: Austrade Benchmark Report 2017
Australia’s demonstrated economic resilience, adaptability and record of steady growth provide a safe, low-risk environment in which to do business.
Now in its 26th year of consecutive annual economic growth, Australia’s economy is underpinned by strong institutions, an exceptional services sector and an ability to respond to global changes.
Over the next five years, Australia’s economic growth rate is forecast to be the highest among major advanced economies.
World’s 20 Largest Economies
Global forecasts predict Australia will maintain its position as the world’s 13th largest economy (in US dollar terms) in 2017. Australia’s nominal GDP is estimated at US$1.3 trillion (A$1.7 trillion) and accounts for 1.7 per cent of the global economy. Australia has almost tripled the value of its total production from two decades ago.
Sophisticated and Diverse Economy
Australia: A diversified, services-based economy
Australia’s services sector (excluding construction) accounts for around 75 per cent of real gross value added (GVA). The country’s sophisticated financial services industry is the largest contributor to its economy, generating 9.4 per cent of total GVA. Other top sectors include mining, construction, health care and social assistance, manufacturing, and professional, scientific and technical services.
Economic Resilience – Real GDP Growth
26 years of uninterrupted annual economic growth
The Australian economy remains resilient, sustained by sound macroeconomic policies, strong institutions and solid trade ties with the Asia-Pacific region. Growing more than three per cent on average each year since 1992, Australia is the only major developed economy to have recorded no annual recessions from 1992 to 2016 and is now in its 26th year of consecutive growth.