Australia: Economic Overview.

Forex Smart Trade Results, Tuesday, August 13, 2024 – $3,755

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Forex Smart Trade Results, Monday, August 12, 2024 -$7,393
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Forex Smart Trade Results, Wednesday, August 14, 2024 – $2,025
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Forex Smart Trade Results, Tuesday, August 13, 2024 – $3,755

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Australia: Economic Overview.

Compared to G7 nations, Australia’s overall economy is relatively small.

According to the World Bank, however, on a per-person basis, its GDP is even higher than the U.K., Germany, and even the U.S.!

In the past fifteen years or so, Australia’s economy has grown an average of 3.6% annually, well above the 2.5% world norm.

No wonder it ranked third overall in the Legatum Institute’s 2011 Prosperity Index!

Australia’s economy is highly service-oriented, with over 70% of its GDP coming from industries such as finance, education, and tourism.

Despite having a very robust export industry and stellar growth, Australia has been notoriously famous for consistently having a high current account deficit.

This means that Australia is using up more resources from other economies to satisfy its own domestic consumption.

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