2015 is gone and the New Year is here. So how has the Australian economy fared in the past year? Taking a look at the last report from the government the major indicators are:
- GDP Growth rate
- Unemployment Rate
- Inflation rise
- Interest Rate
- Balance of Trade
- Government Debt to GDP
GDP Growth rate – The last quarter saw a rate of growth of 0.9 % which is a rise from the last quarter of 0.2%. It indicates that there has been an increase in economic activity in past quarter leading to the rise. Good news for the coming New Year.
Unemployment Rate – Here there has been a decrease, meaning is positive for the economy. There has been a steady monthly decrease in unemployment rate.
Inflation Rise – The inflation rise is zero meaning it remains static at 1.5% just like the last quarter. This is an indicator of the robustness of the economy.
Interest Rate – This is also stable at 2% a good indicator of stability of the economy and banking systems.
Balance of Trade – Australia has fared well in Exports and imports in the past year, but the down point is the negative balance of trade. There has been increase in imports more than exports in the last two months. The -3305 AUD figure is testimony to the fact that Export growth has declined in last quarter.
Government Debt to GDP Ratio – There has been a slight change in the ratio with arises from 30% to 33% which indicates that the government is spending more on debts in the end of the year.