Economic Growth

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ECONOMIC GROWTH

EXAMINE AND ACCOUNT FOR AUSTRALIA’S PRESENT GROWTH RATE

Australia’s present growth rate is one of the highest in the world; in fact its average annual growth rate is higher than the average growth rate of the world.

Economic growth is when an economy produces more goods and services in a given year than in the previous year. But to find real economic growth (increase in real GDP), the effect of inflation must be taken out of account.




In the June quarter of 00 Australia’s economy grew by a minute 0.1%, the lowest since the December quarter of 000. Over the year the economy grew by %.

As one can see from the above graph, the rate of economic growth has gradually been slowing down after a sharp increase in the year 001.

As you can see on the table to the right (extracted from the RBA’s Statement on Monetary Policy, 10/11/0, page 1), the components of the Australian economy grew very quickly for the year to June quarter of 00, but the decrease in Net Exports resulted in a lower growth of %. The main reasons for why Net Exports fell so sharply are because

• Farm GDP has had negative growth of -.1%. This has resulted in less agricultural exports.

• A weak global economy has resulted in a decline in the purchasing of Australian exports.

• The increase in the Australian dollar has resulted in our exports becoming more expensive and so countries buy less.

So as one can see, the domestic economy grew very strongly but the negative growth in the net exports sector resulted in a much lower growth rate.



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