What happened to the Australian economy in 2012?

What happened to the Australian economy in 2012?

Gross Domestic Product (GDP) in the Australian economy grew by 0.6 per cent in the June quarter after surging by 1.4 per cent in the March quarter. We expect GDP growth in Australia for the calendar year 2012 to remain around trend, at about 3.4 per cent, and the unemployment rate to languish, at around 5.2 per cent.

Is Australia richer than Mexico?

Australia has a GDP per capita of $50,400 as of 2017, while in Mexico, the GDP per capita is $19,900 as of 2017.

Which country had the highest GDP in 2012?

Top 10 largest countries by GDP 2012

• United States 15.680 trillion USD.
• China 8. 227 trillion USD.
• Japan 5.960 trillion USD.
• Germany 3.400 trillion USD.
• France 2.613 trillion USD.
• United Kingdom 2.435 trillion USD.
• Brazil 2.253 trillion USD.
• Russia 2.015 trillion USD.

What was the economy like in 2012?

At the end of 2012, the U.S. debt was $16.05 trillion. That made the debt-to-GDP ratio 100%, higher than at any time since World War II. 23 Debt was driven by government spending and reduced revenue from taxes, thanks to slow economic growth. The Fiscal Year 2012 budget deficit was $1.077 trillion.

Why was Australia’s GDP so high in 2012?

The major contributors to GDP growth in 2012-13 were Exports of Goods and Services increasing 6.1% and contributing 1.3 percentage points to GDP growth and Final consumption expenditure, increasing 1.8% and contributing 1.3 percentage points.

Why was Australia’s GDP so high in 2013?

The major contributors to GDP growth in 2013-14 were Household final consumption expenditure, increasing 2.2% and contributing 1.2 percentage points to GDP growth, and Exports of goods and services, growing 5.8% and contributing 1.1 percentage points to GDP growth.

How big is the country Australia?

2.97 million mi²
Australia/Area

Who is bigger Mexico or Australia?

Mexico is about 3.9 times smaller than Australia. Australia is approximately 7,741,220 sq km, while Mexico is approximately 1,964,375 sq km, making Mexico 25.38% the size of Australia.

Which country has the best economy in 2011?

The five economies with the highest GDP per capita are Qatar, Macao SAR, China,, Luxembourg, Kuwait, and Brunei. The first two economies have more than $100,000 per capita. Eleven economies have more than $50,000 per capita, while they collectively account for less than 0.6 percent of the world’s population.

What caused the recession in 2012?

One result was a serious disruption of normal international relations. The causes of the Great Recession include a combination of vulnerabilities that developed in the financial system, along with a series of triggering events that began with the bursting of the United States housing bubble in 2005–2012.

What happen to economy in 2011?

At the end of November, the Organisation for Economic and Cooperative Development (OECD) forecast that this solid rate of growth would continue for at least the next five years, predicting Malaysia’s GDP would expand by 5.3% in each of the next few years and hit 5.6% by 2016.

How much is the GDP of Australia worth?

Australia GDP The Gross Domestic Product (GDP) in Australia was worth 1432.20 billion US dollars in 2018. The GDP value of Australia represents 2.31 percent of the world economy. GDP in Australia averaged 435.12 USD Billion from 1960 until 2018, reaching an all time high of 1576.20 USD Billion in 2013 and a record low of 18.60 USD Billion in 1960.

What will Australia’s GDP look like in 2020?

In the long-term, the Australia GDP is projected to trend around 1720.00 USD Billion in 2020, according to our econometric models. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

What was the GDP growth rate of Australia in 2001?

Australia GDP Growth Rate – Historical Data Year GDP Growth (%) Annual Change 2001 1.93% -2.00% 2000 3.93% -1.14% 1999 5.07% 0.50% 1998 4.58% 0.61%

What is the contribution of the mining industry to Australia’s GDP?

Table 18.2 shows the industry GVA of the Mining industry and its contribution to Australia’s GDP in the period 2005–06 to 2009–10. Total industry GVA of the Mining industry increased by 21% over the period 2005–06 to 2009–10. The Mining industry’s contribution to GDP was 8.4% in 2009–10 and 9.8% the year before.