Australia set for 15% growth
24 August 2015 by News Desk
Australia has seen 24 years of continual economic expansion and is set to achieve 15% growth over the next five years.
Australia’s economy has achieved average GDP growth of 3.3% per annum over the past 23 years. Its forecast economic growth between 2015 and 2019 is the highest among major advanced economies. It is the only developed economy to have recorded no annual recessions during the past 23 years, placing it alongside high-growth economies such as China and India.
Australia scores among the highest in the world for the five sectors expected to drive future global growth, namely agribusiness, education, tourism, mining and wealth management. The Australian economy is:
The world’s 13th largest; Entering its 24th year of uninterrupted annual growth; Rated triple ‘A’ by all three global rating agencies; Forecast to have annual GDP growth of 3% between 2015 and 2019; Supported by high productivity levels, with 16 out of 20 industries rating above the global average and Australia has the world’s third largest pool of funds under management and the largest in the Asian region.
Mining continues to be a major contributor to Australia’s international trade profile, but it is the country’s services sector that generates more than 80% of its economic output. This sector is growing faster than any other industry.
Australia experienced record tourism expenditure in 2013–14, driven by strong growth from Asian markets such as China, Hong Kong, Malaysia and Singapore. Traditional markets such as the UK and the USA also performed well, up 12.9% and 7% respectively. The forecast for 2017–18 remains robust, with visitor spending expected to rise by 4.6% to reach A$37bn. China, India and other Asian nations are anticipated to account for the majority of this growth. Total visitor spending is set to increase to A$111 billion by 2017–18.
Australia is the fourth most popular destination for students choosing to study overseas, attracting more international students than much larger economies like Germany and Japan. Education services are now one of Australia’s leading exports.
The total value of engineering construction projects outstanding is estimated at almost A$104 billion in the June 2014 quarter, eight times the size of the value a decade earlier. The engineering construction sector recorded a compound annual growth rate of 36% over the decade to 2014.
