Australia in 2003 |
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IndustryWith its heavy reliance on agriculture and mining, Australia had all the appearance of a resource based old economy. In 2000-01, manufacturing accounted for only about 11.5% of GDP . Mining was a very important industry as Australia was wealthy in mineral and natural resources including oil & gas, iron ore, gold and other minerals... International TradeAustralian exports fell slightly in 2001, to $63.8bn (IMF, balance-of-payments basis). The decline in imports of goods, to $61.8bn, was even sharper, causing the trade account to swing from a deficit of $4.7bn in 2000 to a surplus of $2bn. As a result, the current-account deficit declined from $15.3bn to $9.5bn, or 2.7% of GDP...
Exhibits
Exhibit I: Australia: Economy Indicators |
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