Australian Economy

Australian Economy compared to China’s Economy
An economy is an economic structure is place within a country. The economy depicts the labour, capital, land resources and economic agents that interact among each other assist in the production, exchange and manufacturing of goods and services. The main factors of an economy are the involvement and interaction of technological evolution, history, social organisation, natural resource, endowment and ecology.

The GDP (Gross Domestic Product) of Australia is expanding at a rate of 0.90% in the last Quarter. According the World Bank the Australian GDP is worth 1015 billion dollar (1.64%) of the world economy. The Australian Economy is mainly influenced by the services sector. The foundation of the economic success is through agriculture and mineral resources. Due to Australia’s export of primary goods and services it is an indication that it is a small domestic market and identify the national wealth. Australia is defined as an essential element of the global finical system. The inflation rate of the Australian economy is 2.10% and the interest rate sits at 4.00%.

However the GDP in China is at a rate of 10.70% in the last quarter and China’s GDP 4326 billion dollars (6.98%) corresponding to the World Bank. The China Economy is the second largest economy in the world. Moreover in the last 30 years China’s economy had change from centrally planned system that was closed to the international market to oriented market that promotes quick growth in the private sector. China’s key feature to its rapid economic has been the increase in exports. The inflation rate of the China’s economy is 2.70% and the interest rate is at 5.31%.

The current employment rate according to the Australian Bureau of Statistics in February 2010, states that 10 971 000 residents of Australia are in the labour force or actively seeking employment, the unemployment rate is 614 000 people therefore the unemployment rate is approximately 5.3% and...