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Economy
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Economy
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Overview
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The Atlantic Ocean provides some of the world's most heavily trafficked sea routes, between and within the Eastern and Western Hemispheres. Other economic activity includes the exploitation of natural resources, e.g., fishing, dredging of aragonite sands (The Bahamas), and production of crude oil and natural gas (Caribbean Sea, Gulf of Mexico, and North Sea).
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The Australian economy has experienced continuous growth and features low unemployment, contained inflation, very low public debt, and a strong and stable financial system. By 2012, Australia had experienced more than 20 years of continued economic growth, averaging 3.5% a year. Demand for resources and energy from Asia and especially China has grown rapidly, creating a channel for resources investments and growth in commodity exports. The high Australian dollar has hurt the manufacturing sector, while the services sector is the largest part of the Australian economy, accounting for about 70% of GDP and 75% of jobs. Australia was comparatively unaffected by the global financial crisis as the banking system has remained strong and inflation is under control. Australia has benefited from a dramatic surge in its terms of trade in recent years, stemming from rising global commodity prices. Australia is a significant exporter of natural resources, energy, and food. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron, copper, gold, natural gas, uranium, and renewable energy sources. A series of major investments, such as the US$40 billion Gorgon Liquid Natural Gas project, will significantly expand the resources sector. Australia is an open market with minimal restrictions on imports of goods and services. The process of opening up has increased productivity, stimulated growth, and made the economy more flexible and dynamic. Australia plays an active role in the World Trade Organization, APEC, the G20, and other trade forums. Australia has bilateral free trade agreements (FTAs) with Chile, Malaysia, New Zealand, Singapore, Thailand, and the US, has a regional FTA with ASEAN and New Zealand, is negotiating agreements with China, India, Indonesia, Japan, and the Republic of Korea, as well as with its Pacific neighbors and the Gulf Cooperation Council countries, and is also working on the Trans-Pacific Partnership Agreement with Brunei Darussalam, Canada, Chile, Malaysia, Mexico, New Zealand, Peru, Singapore, the US, and Vietnam.
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Environment
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Current issues
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endangered marine species include the manatee, seals, sea lions, turtles, and whales; drift net fishing is hastening the decline of fish stocks and contributing to international disputes; municipal sludge pollution off eastern US, southern Brazil, and eastern Argentina; oil pollution in Caribbean Sea, Gulf of Mexico, Lake Maracaibo, Mediterranean Sea, and North Sea; industrial waste and municipal sewage pollution in Baltic Sea, North Sea, and Mediterranean Sea
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soil erosion from overgrazing, industrial development, urbanization, and poor farming practices; soil salinity rising due to the use of poor quality water; desertification; clearing for agricultural purposes threatens the natural habitat of many unique animal and plant species; the Great Barrier Reef off the northeast coast, the largest coral reef in the world, is threatened by increased shipping and its popularity as a tourist site; limited natural fresh water resources
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Geography
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Area
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Comparative
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slightly less than 6.5 times the size of the US
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slightly smaller than the US contiguous 48 states
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Geography
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Area
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Comparative to US places
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slightly less than 6.5 times the size of the US
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slightly smaller than the US contiguous 48 states
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Geography
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Area
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Total
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76.76 million sq km
Ranked 2nd.
10 times more
than
Australia
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7.74 million sq km
Ranked 7th.
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Geography
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Climate
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tropical cyclones (hurricanes) develop off the coast of Africa near Cape Verde and move westward into the Caribbean Sea; hurricanes can occur from May to December, but are most frequent from August to November
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generally arid to semiarid; temperate in south and east; tropical in north
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Geography
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Coastline
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111,866 km
Ranked 3rd.
4 times more
than
Australia
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25,760 km
Ranked 7th.
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Geography
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Elevation extremes
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Highest point
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sea level 0 m
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Mount Kosciuszko 2,229 m
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Geography
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Geographic coordinates
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0 00 N, 25 00 W
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27 00 S, 133 00 E
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Geography
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Location
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body of water between Africa, Europe, the Southern Ocean, and the Western Hemisphere
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Oceania, continent between the Indian Ocean and the South Pacific Ocean
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Geography
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Natural hazards
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icebergs common in Davis Strait, Denmark Strait, and the northwestern Atlantic Ocean from February to August and have been spotted as far south as Bermuda and the Madeira Islands; ships subject to superstructure icing in extreme northern Atlantic from October to May; persistent fog can be a maritime hazard from May to September; hurricanes (May to December)
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cyclones along the coast; severe droughts; forest fires
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Geography
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Natural resources
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oil and gas fields, fish, marine mammals (seals and whales), sand and gravel aggregates, placer deposits, polymetallic nodules, precious stones
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bauxite, coal, iron ore, copper, tin, gold, silver, uranium, nickel, tungsten, rare earth elements, mineral sands, lead, zinc, diamonds, natural gas, petroleum
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Geography
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Terrain
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surface usually covered with sea ice in Labrador Sea, Denmark Strait, and coastal portions of the Baltic Sea from October to June; clockwise warm-water gyre (broad, circular system of currents) in the northern Atlantic, counterclockwise warm-water gyre in the southern Atlantic; the ocean floor is dominated by the Mid-Atlantic Ridge, a rugged north-south centerline for the entire Atlantic basin
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mostly low plateau with deserts; fertile plain in southeast
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