May 14, 2010, Newsletter Issue #357: Economy #2

Tip of the Week

Economy
Australia is an outstanding producer of primary products. The country is self-sufficient in almost all foodstuffs and is a major exporter of wheat, meat, dairy products, and wool. Australia usually produces more than 25 percent of the world´s yearly output of wool. The volume of manufacturing grew rapidly between the 1940s and 1970s, and mining became a leading sector in the economy during the 1960s. The value of exports from the mining and manufacturing sectors now exceeds that of the agricultural sector. In 1997 the estimated annual federal budget included $99.3 billion in revenues and $103.8 billion in expenditures. Gross domestic product, which measures the value of all goods and services produced, was $361.7 billion in 1998.

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