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HSC > eco stats august 2023 > Flashcards

eco stats august 2023 Flashcards

1
Q

Global economic growth forecasts (IMF)

A

3.4% in 2022
2.8% in 2023
3% in 2024

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2
Q

Total exports from Australia …

A

… increased 29% in 2021–22

(driven by strong commodity prices)

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3
Q

Total imports into Australia …

A

… increased 25% in 2021–22

(driven by increases in goods and services)

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4
Q

Current surplus account as % of GDP:

A

1.9%

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5
Q

Exchange rate [July 2023]

A

AUD/USD: $0.67

(i.e. $1 AUD can buy $0.67 USD)

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6
Q

Trade Weighting Index [July 2023]

A

61.3

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7
Q

Economic growth [March 22 quarter – March 23 quarter]

A

2.3% (real GDP growth rate)

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8
Q

GDP increase [March 22 – March 23]

A

In nominal terms, GDP rose 2.1%

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9
Q

In the March 23 quarter …

A

… the Australian economy rose 0.2%

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10
Q

Unemployment rate [July 2023]

A

3.6%

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11
Q

Unemployment rate

A
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12
Q

Participation rate [June 2023]

A

66.8%

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13
Q

Underemployment rate [June 2023]

A

6.4%

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14
Q

Youth unemployment rate [June 2023]

A

7.7%

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15
Q

Inflation [March 22 – March 23]

A

CPI: 7.0% (headline)

6.6% (underlying)

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16
Q

Annual Consumer Price Index (CPI) [June 23 – June 23]

A

6.0%

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17
Q

Income Gini Coefficient [2021 OECD]

A

0.318

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18
Q

Wealth Gini Coefficient [trend]

A

0.611 in [2019–20]
…
declined to 0.61 in [2021–22]
…
0.72 [2000]

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19
Q

Cash rate [August 2023]

A

4.1%

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20
Q

Cash rate trend

A

4% cash rate increase in 15 months

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21
Q

Multifactor productivity [2021–22]

A

2.20%

Five-year average: 0.79%

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22
Q

Labour productivity [2021–22]

A

1.44%

Five-year avereage: 1.07%

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23
Q

Current Account Balance [March 23 quarter]

A

$12.2B surplus

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24
Q

CAB as % of GDP [March 23 quarter]

A

1.4% surplus

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25
Q

Gross World Product (GWP) [2022]

A

$101trillion USD

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26
Q

Real GWP growth [2022]

A

3.4%

2.8% [2023 – projected]

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27
Q

Global exports as a % of GWP [2022]

A

30.7%

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28
Q

Human Development Index

A

0.951 [2022]
VS
0.865 [1990]

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28
Q

Human Development Index

A

0.951 [2022]
VS
0.865 [1990]

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29
Q

Australia’s exports as a % of GDP

A

25.1% [2022]
…
19.4% [2000]
…
16.4% [1980]

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30
Q

Australia’s imports as a % of GDP

A

19.9% [2022]
…
21.6% [2000]
…
15.9% [1980]

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31
Q

Australia’s Balance on Goods and Services (BOGS) [April 2023]

A

Surplus of $11.2 billion

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32
Q

Australia’s composition of exports [June 2023]

A

Resources: 67.0%
Services: 13.7%
Rural: 10.7%
Manufactured: 6.7%

33
Q

Australia’s top exports [2021–22]

A

Iron ore and concentrates: 22.3%
Coal: 19.1%
Natural gas: 11.9%
Gold: 3.9%
Education-related travel services: 3.5%

34
Q

Australia’s top imports [2021–22]

A

Refi ned petroleum: 8.7% Passenger motor vehicles: 5.1%
Freight: 5.0%
Telecom equipment & parts: 3.4%
Goods vehicles: 2.8%

35
Q

Australia’s top export partners [2021–22]

A

China: 30.2%
Japan: 15.6%
South Korea: 8.2%
India: 5.6%
United States: 4.5%

36
Q

Australia’s top import partners [2021–22]

A

China: 22.6%
United States: 10.8%
Singapore: 5.6%
Japan: 5.3%
Germany: 4.5%

37
Q
A
38
Q

Balance of Goods and Services [March quarter 2023]

A

$41.1 billion

39
Q

Balance of Goods and Services [March quarter 2023]

A

$41.1 billion

40
Q

Balance of Goods and Services [March quarter 2023]

A

$41.1 billion

40
Q

Net primary income

A

– $28.5 billion

41
Q

Balance of Goods and Services [March quarter 2023]

A

$41.1 billion

41
Q

Net primary income

A

– $28.5 billion

42
Q

Balance of Goods and Services [March quarter 2023]

A

$41.1 billion

42
Q

Net primary income

A

– $28.5 billion

43
Q

Net primary income

A

– $28.5 billion

43
Q

Balance of Goods and Services [March quarter 2023]

A

$41.1 billion

44
Q

Balance of Goods and Services [March quarter 2023]

A

$41.1 billion

44
Q

Net primary income

A

– $28.5 billion

45
Q

Net secondary income

A

– $0.2 billion

46
Q

Net primary income

A

– $28.5 billion

46
Q

Balance of Goods and Services [March quarter 2023]

A

$41.1 billion

47
Q

Net secondary income

A

– $0.2 billion

48
Q

Australia’s capital and financial account

A
49
Q

Balance of Goods and Services [March quarter 2023]

A

$41.1 billion

49
Q

Net secondary income [March quarter 2023]

A

– $0.2 billion

49
Q

Net primary income [March quarter 2023]

A

– $28.5 billion

50
Q

Australia’s terms of tra

A
50
Q

Australia’s capital and financial account [March quarter 2023]

A

– $5.8 billion

51
Q

What are some bilateral trade agreements Australia has signed?

A

NZ (ANZCERTA) [1983]
USA (AUSFTA) [2005]
South Korea (KAFTA) [2014]
Japan (JAEPA) [2015]
China (ChAFTA) [2015]

52
Q

What is a multilateral trade agreement Australia has signed?

A

ASEAN-Australia-New Zealand FTA (AANZFTA) [2010]

53
Q

Net secondary income [March quarter 2023]

A

– $0.2 billion

53
Q

Australia’s capital and financial account [March quarter 2023]

A

– $5.8 billion

53
Q

Balance of Goods and Services [March quarter 2023]

A

$41.1 billion

53
Q

Net primary income [March quarter 2023]

A

– $28.5 billion

53
Q

Terms of trade

A

114.0 [March quarter 2023]

VS

71.0 [March quarter 2016]

54
Q

What is a multilateral trade agreement Australia has signed?

A

ASEAN-Australia-New Zealand FTA (AANZFTA) [2010]

55
Q

Net primary income [March quarter 2023]

A

– $28.5 billion

55
Q

Balance of Goods and Services [March quarter 2023]

A

$41.1 billion

56
Q

Net secondary income [March quarter 2023]

A

– $0.2 billion

57
Q

Terms of trade

A

114.0 [March quarter 2023]

VS

71.0 [March quarter 2016]

57
Q

Australia’s capital and financial account [March quarter 2023]

A

– $5.8 billion

58
Q

Australian NAIRU estimate

A

4.5 – 5%

59
Q

Underlying cash balance

A

Surplus of $4.2 billion [2022–23]

Deficit of $13.9 billion [2023–24 forecasted]

60
Q

Net primary income [March quarter 2023]

A

– $28.5 billion

60
Q

Net secondary income [March quarter 2023]

A

– $0.2 billion

60
Q

Australian NAIRU estimate

A

4.5 – 5%

60
Q

Australia’s capital and financial account [March quarter 2023]

A

– $5.8 billion

61
Q

Terms of trade

A

114.0 [March quarter 2023]

VS

71.0 [March quarter 2016]

61
Q

Balance of Goods and Services [March quarter 2023]

A

$41.1 billion

62
Q

Minimum wage [1 July 2023]

A

$23.23

An increase of 8.6% from the previous year

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