Australia's Economy



Australia's Economy

Introduction

Economic Growth, as the word itself describes is the amount of growth an economy faces in an over the period of a specified time. The best economic indicator to measure economic growth is by the use of GDP growth rates, as GDP is the actual amount of revenue a firm earns in a particular financial year. In this study we will be analyzing the comparative impact of Australia, South Korea and China for the growth rate.

Australia's GDP growth rate in the second quarter of 2013 was, 0.60%. Whereas the growth rate of 2012 was 2.50%. The increase in the expenditures was primarily by fixed capital formation and final consumption. Public gross fixed capital formation partially offset the above increases. Australia is known to be a whole new world in itself and is the 12th largest economy. With an ever growing population of 23.1 million people, Australia is a favorite spot for the modern migrates. Australia is known for its top quality education, with some of the world's best universities. Australia is a highly developed country with a highly urbanized community. Australia is one of the world's most expensive and the country with the fifth world's highest per capita income.

Discussion

Gross Domestic Product

Labor utilization and increase in labor productivity is the main cause of GDP (Gross Domestic Product) increase. GDP is a measure which is used to calculate the well being of a particular country, it is a very useful measure because with GDP's help we can compare different economies. In 2012, Australia had a GDP growth rate per capita of 3.4%. In 2012, Australia had a GDP of $1.521 trillion. Australia having a GDP per capita of US$ 37,302 is ranked at 14th in the world while on the Other hand; Australia is a country which specializes in tertiary market the most with a comparatively very low population (Trading economics, 2013). GDP development in East Asia tumbled from 8.2% in 2011% in 2012, its least rate of development in more than a decade (IMF, 2012).

As of the second quarter of 2012, movement was outstandingly powerless in Taiwan, China (-0.2%), Hong Kong, China (1.1%) and the Republic of Korea (2.4%) because of weak request in key remote exchange and speculation accomplices. In spite of exceptional quarterly development all around 2011, GDP development decelerated from 18.6% in the first quarter of 2012 to 7.3% in the second quarter of 2012 in Macau, China, while moderating from 16.5% to 11% in Mongolia. China's economy, which has been wonderfully strong since the onset of the worldwide budgetary emergency in 2008, hinted at its defenselessness to the worldwide environment simultaneously.

GDP development in China decelerated from 8.9% at the finish of 2011 to 8.1% in the first quarter of 2012 and 7.6% in the second quarter of 2012 because of falling outer request and the unwinding of starting approach reaction measures to the worldwide monetary emergency. Given its significance in provincial and worldwide markets, further macroeconomic boost from China was quite foreseen, past ...