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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
Gross World Product (GWP) [2022]
$101trillion USD
26
Real GWP growth [2022]
3.4% 2.8% [2023 – projected]
27
Global exports as a % of GWP [2022]
30.7%
28
Human Development Index
0.951 [2022] VS 0.865 [1990]
28
Human Development Index
0.951 [2022] VS 0.865 [1990]
29
Australia's exports as a % of GDP
25.1% [2022] ... 19.4% [2000] ... 16.4% [1980]
30
Australia's imports as a % of GDP
19.9% [2022] ... 21.6% [2000] ... 15.9% [1980]
31
Australia's Balance on Goods and Services (BOGS) [April 2023]
Surplus of $11.2 billion
32
Australia's composition of exports [June 2023]
Resources: 67.0% Services: 13.7% Rural: 10.7% Manufactured: 6.7%
33
Australia's top exports [2021–22]
Iron ore and concentrates: 22.3% Coal: 19.1% Natural gas: 11.9% Gold: 3.9% Education-related travel services: 3.5%
34
Australia's top imports [2021–22]
Refined petroleum: 8.7% Passenger motor vehicles: 5.1% Freight: 5.0% Telecom equipment & parts: 3.4% Goods vehicles: 2.8%
35
Australia's top export partners [2021–22]
China: 30.2% Japan: 15.6% South Korea: 8.2% India: 5.6% United States: 4.5%
36
Australia's top import partners [2021–22]
China: 22.6% United States: 10.8% Singapore: 5.6% Japan: 5.3% Germany: 4.5%
37
38
Balance of Goods and Services [March quarter 2023]
$41.1 billion
39
Balance of Goods and Services [March quarter 2023]
$41.1 billion
40
Balance of Goods and Services [March quarter 2023]
$41.1 billion
40
Net primary income
– $28.5 billion
41
Balance of Goods and Services [March quarter 2023]
$41.1 billion
41
Net primary income
– $28.5 billion
42
Balance of Goods and Services [March quarter 2023]
$41.1 billion
42
Net primary income
– $28.5 billion
43
Net primary income
– $28.5 billion
43
Balance of Goods and Services [March quarter 2023]
$41.1 billion
44
Balance of Goods and Services [March quarter 2023]
$41.1 billion
44
Net primary income
– $28.5 billion
45
Net secondary income
– $0.2 billion
46
Net primary income
– $28.5 billion
46
Balance of Goods and Services [March quarter 2023]
$41.1 billion
47
Net secondary income
– $0.2 billion
48
Australia's capital and financial account
49
Balance of Goods and Services [March quarter 2023]
$41.1 billion
49
Net secondary income [March quarter 2023]
– $0.2 billion
49
Net primary income [March quarter 2023]
– $28.5 billion
50
Australia's terms of tra
50
Australia's capital and financial account [March quarter 2023]
– $5.8 billion
51
What are some bilateral trade agreements Australia has signed?
NZ (ANZCERTA) [1983] USA (AUSFTA) [2005] South Korea (KAFTA) [2014] Japan (JAEPA) [2015] China (ChAFTA) [2015]
52
What is a multilateral trade agreement Australia has signed?
ASEAN-Australia-New Zealand FTA (AANZFTA) [2010]
53
Net secondary income [March quarter 2023]
– $0.2 billion
53
Australia's capital and financial account [March quarter 2023]
– $5.8 billion
53
Balance of Goods and Services [March quarter 2023]
$41.1 billion
53
Net primary income [March quarter 2023]
– $28.5 billion
53
Terms of trade
114.0 [March quarter 2023] VS 71.0 [March quarter 2016]
54
What is a multilateral trade agreement Australia has signed?
ASEAN-Australia-New Zealand FTA (AANZFTA) [2010]
55
Net primary income [March quarter 2023]
– $28.5 billion
55
Balance of Goods and Services [March quarter 2023]
$41.1 billion
56
Net secondary income [March quarter 2023]
– $0.2 billion
57
Terms of trade
114.0 [March quarter 2023] VS 71.0 [March quarter 2016]
57
Australia's capital and financial account [March quarter 2023]
– $5.8 billion
58
Australian NAIRU estimate
4.5 – 5%
59
Underlying cash balance
Surplus of $4.2 billion [2022–23] Deficit of $13.9 billion [2023–24 forecasted]
60
Net primary income [March quarter 2023]
– $28.5 billion
60
Net secondary income [March quarter 2023]
– $0.2 billion
60
Australian NAIRU estimate
4.5 – 5%
60
Australia's capital and financial account [March quarter 2023]
– $5.8 billion
61
Terms of trade
114.0 [March quarter 2023] VS 71.0 [March quarter 2016]
61
Balance of Goods and Services [March quarter 2023]
$41.1 billion
62
Minimum wage [1 July 2023]
$23.23 An increase of 8.6% from the previous year

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