A Abbreviations This information is included in Appendix A: Abbreviationswhich includes all abbreviations and acronyms used in the Factbook, with their expansions. Acronyms An acronym is an abbreviation coined from the initial letter of each successive word in a term or phrase. In general, an acronym made up of more than the first letter of the major words in the expanded form is rendered with only an initial capital letter Comsat from Communications Satellite Corporation; an exception would be NAM from Nonaligned Movement.
But how accurate are those claims? As Rudd explicitly compares Australia to other major economies, it is necessary to use a multinational database that guarantees cross-country comparability and consistency of statistical information.
How much debt does Australia have? Net debt to gross domestic product GDP ratio is a way of counting how much national debt a country has when compared with the total value of the economy, as measured by GDP.
Fromthe figures shown in Chart 1 are estimates. These are the best and most current comparable figures on net debt available - although as I will discuss shortly, it is important to consider the IMF forecasts in the light of the recently revised Australian Treasury forecasts.
The average for the Euro Area in was Out of 26 advanced major economies for which net debt data are available inAustralia had the sixth lowest net debt to GDP ratio including countries that reported a negative net debt. Chart 1 also indicates a worldwide increase in debt ratios since This increase was largely due to the expansionary fiscal policies a combination of tax cuts and higher public expenditure that many countries adopted in response to the Global Financial Crisis.
According to the IMF estimates, Australia is expected to be able to arrest that increasing debt after this year and to reduce the ratio by 7 points of GDP by This projected decline is larger than the average projected decline in the comparison countries.
You can read the official economic statement here.
How does Australia’s economy stack up when compared globally? AAP Image/Lukas Coch. U.S. International Trade in Goods and Services, monthly, - Present¶. A CNBC article titled "US trade deficit rises to near 9½-year high" published on April 5, begins as follows. The U.S. trade deficit increased to a near 9½-year high in February as both exports and imports rose to record highs, but the shortfall with China narrowed sharply. Latest financial, market & economic news and analysis.
Explaining the decision to cut interest rates last week, Reserve Bank Governor Glenn Stevens also observed: This is expected to continue in the near term as the economy adjusts to lower levels of mining investment.
The unemployment rate has edged higher. Table 1 provides some details on public finances in Australia and Europe over the periodas well as some indication of expected future trends the figures from on are estimates.
Budget balance means revenue minus expenditure. Primary balance means budget balance plus interest on debt. Estimates start after The budget balance is equal to revenue minus expenditure, therefore a figure of However, the peak of deficit in Europe was significantly higher. Out of 34 advanced major economies for which fiscal balance data are available inAustralia had the 13th lowest deficit including countries that reported a surplus.
In this AM interview, as well as at his election campaign launchthe Prime Minister asked a rhetorical question about why Australia would have been given a AAA credit rating by [the major credit agencies] http: In fact, there is some debate among economists about the reliability of credit ratings.
In the aftermath of the Global Financial Crisis, rating agencies were criticised for their inability to correctly see through the junk financial products that eventually led to the collapse of several financial institutions. It might therefore be argued that having a AAA rating does not necessarily say everything about the economic conditions of a country.
Still, not many countries can currently claim to have a AAA rating - and all of those that do appear to be in strong economic and financial conditions. Perhaps a better way to assess the strength of Australian economy is to look directly at the dynamics of macroeconomic indicators.
For this purpose, Table 2 summarises current and future expected levels of some key economic indicators for Australia and other countries with a AAA rating. Again, a note of caution is in order here since projections are continuously updated.Top 20 countries with the largest deficit.
This is a list of the 20 countries and territories with the largest deficit in current account balance (CAB), based on data from est. as . Mar 22, · A slightly broader measure of international transactions than the trade account is the current account.
The current account includes the trade account plus net . As can be seen above, the numbers in the article are accurate. The trade deficit in goods and services rose from $ billion in January to $ billion in February.
The Chart Pack summarises macroeconomic and financial market trends in Australia and provides some information about developments for our main trading partners. 3. developments in individual oecd and selected non-member economies oecd economic outlook,volume issue 2 © oecd – preliminaryversion australia.
How does Australia’s economy stack up when compared globally? AAP Image/Lukas Coch.