nomy, with a per capita GDP comparable to levels in
highly industrialized West European countries. Rich in natural
resources, Australia is a major exporter of agricultural products,
minerals, metals, and fossil fuels. Commodities account for more
than 80% of the value of total exports, so that, as in 1983-84, a
downturn in world commodity prices can have a big impact on the
economy. The government is pushing for increased exports of
manufactured goods, but competition in international markets
continues to be severe. Australia has suffered from the low growth
and high unemployment characterizing the OECD countries in the early
1990s. In 1992-93 the economy recovered slowly from the prolonged
recession of 1990-91, a major restraining factor being weak world
demand for Australia's exports. Growth picked up so strongly in 1994
that the government felt the need for fiscal and monetary tightening
by yearend. Australia's GDP grew 6.4% in 1994, largely due to
increases in industrial output and business investment. A severe
drought in 1994 reduced the value of Australia's net farm
production, but rising world commodity prices are likely to boost
commodity exports by 15% to $42.4 billion in 1995/96, according to
government statistics. Short-term economic problems include a
balancing of output growth and inflationary pressures and the
stimulation of exports to offset rising imports.

GDP: purchasing power parity - $405.4 billion (1995 est.)

GDP real growth rate: 3.3% (1995 est.)

GDP per capita: $22,100 (1995 est.)

GDP composition by sector:
agriculture: 3.1%
industry: 27.7%
services: 69.2% (1994)

Inflation rate (consumer prices): 4.75% (1995)

Labor force: 8.63 million (September 1991)
by occupation: finance and services 33.8%, public and community
services 22.3%, wholesale and retail trade 20.1%, manufacturing and
industry 16.2%, agriculture 6.1% (1987)

Unemployment rate: 8.1% (December 1995)

Budget:
revenues: $95.69 billion
expenditures: $95.15 billion, including capital expenditures of $NA
(FY95/96 est.)

Industries: mining, industrial and transportation equipment, food
processing, chemicals, steel

Industrial production growth rate: 3.9% (FY93/94)

Electricity:
capacity: 34,540,000 kW
production: 155 billion kWh
consumption per capita: 8,021 kWh (1993)

Agriculture: wheat, barley, sugarcane, fruits; cattle, sheep,
poultry

Illic