It is essential to assess the current performance of a nation’s economy to determine the economic trends and areas for improvement. A country’s economy is influenced by various factors such as the gross domestic product, the number of industries, exports, imports, unemployment levels, and inflation rate. Australia has an integrated economy that consists of market, traditional and command elements. The Australian economy is the second largest in the world ("Australia Economy - GDP, Inflation, CPI and Interest Rate", 2018) . The current state of the Australian economy is determined by assessing the present gross domestic product, unemployment levels, industries, imports, exports, and inflation rate.
The Australian gross domestic product in 2017 was $ 1.69 billion. The country was ranked at the 14 th position in the world due to its high gross domestic product. The economic statistics indicate the GDP of the country has continuously been increasing for 26 years ("Australia Economy - GDP, Inflation, CPI and Interest Rate", 2018) . The service sector dominates in the Australian economy. The service industries contribute 61.1% to the Australian GDP. The main industries in Australia include financial, media, tourism, mining, agriculture and manufacturing ("What Are the Biggest Industries in Australia?", 2018) . Australia is among the leading industrial economies in the world due to the large industries in their economy. The tourism industry is the main contributors to the country’s gross domestic product. Australia is the leading miner of iron, zinc, bauxite, and lead. The agricultural products in the country include grapes, vegetables and nuts ("What are the Biggest Industries in Australia?", 2018) .
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The current rate of unemployment is 5.6%. The unemployment rate has been decreasing since 2014 from 6.1% to 5.6%. Most of the citizens get acquire employment from the service and manufacturing sector ("Australia Economy - GDP, Inflation, CPI and Interest Rate", 2018) . The country’s inflation rates have slightly increased in 2017. The inflation rates have increased from 1.5 to 1.9 in 2016 and 2017 respectively ("Australia Economy - GDP, Inflation, CPI and Interest Rate", 2018) . The country exports goods that it has a high comparative advantage but imports goods with a low comparative advantage. The main exports of the country include gold, iron ore, machines, coal, wheat, and meat. The total amount of exports in 2016 was $ 190.2 billion. The exports partners for Australia include America, New Zealand, China, Korea, Japan, and India. The rate of exports has decreased from 6.8% to 3.5% in 2016 and 2017 respectively ("Australia Economy - GDP, Inflation, CPI and Interest Rate", 2018) . The main imports of Australia include computers, office equipment, telecommunication devices, and petroleum products. The total amount of exports in 2016 was $ 196.1 billion. The import partners of Australia include America, European Union, China, Thailand and Japan ("Australia Economy - GDP, Inflation, CPI and Interest Rate", 2018) .
The country depends on imported crude oil and petroleum products. The country dependency rate on non-refined oil is 80%. Australia produces 20% of crude oil which is not adequate to meet the needs of the citizens. More than 80% of the households consume electricity, and approximately 20% of the households have no electricity. The country’s population has been increasing from 2.45 to 2.47 million in 2016 and 2017 respectively. The country has approximately 21.18 million internet users. The life expectancy of men is 81.1 and women is 84.8 ("Australia Economy - GDP, Inflation, CPI and Interest Rate", 2018) .
In conclusion, the analysis of a country’s economy reflects the economic trends and the weak areas. The main factors that influence a country’s economy include inflation, unemployment, GDP, exports and imports. A state should assess all the factors that affect their economy to determine their performance and position in the world.
References
Australia Economy - GDP, Inflation, CPI and Interest Rate. (2018). Retrieved from https://www.focus-economics.com/countries/australia
What Are The Biggest Industries In Australia?. (2018). Retrieved from https://www.worldatlas.com/articles/what-are-the-biggest-industries-in-australia.html
