Economy Stats: compare key data on Australia & Cocos (Keeling) Islands

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STAT	Australia	Cocos (Keeling) Islands	HISTORY
Agriculture > Products	wheat, barley, sugarcane, fruits; cattle, sheep, poultry	vegetables, bananas, pawpaws, coconuts
Currency	Australian dollar	Australian dollar
Overview	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.	Coconuts, grown throughout the islands, are the sole cash crop. Small local gardens and fishing contribute to the food supply, but additional food and most other necessities must be imported from Australia. There is a small tourist industry.
Exchange rates	Australian dollars (AUD) per US dollar -<br />0.97 (2012 est.)<br />0.97 (2011 est.)<br />1.09 (2010)<br />1.28 (2009)<br />1.21 (2008)	Australian dollars (AUD) per US dollar -<br />0.97 (2012)<br />0.97 (2011)<br />1.09 (2010)<br />1.28 (2009)<br />1.21 (2008)
Exports > Commodities	coal, iron ore, gold, meat, wool, alumina, wheat, machinery and transport equipment	copra
Fiscal year	1	1
GDP > Real growth rate	3.7% Ranked 87th. 4 times more than Cocos (Keeling) Islands	1% Ranked 3rd.
Imports > Commodities	machinery and transport equipment, computers and office machines, telecommunication equipment and parts; crude oil and petroleum products	foodstuffs
Industries	mining, industrial and transportation equipment, food processing, chemicals, steel	copra products, tourism
Trade > Exports to US	$1.43 billion Ranked 32nd. 14253 times more than Cocos (Keeling) Islands	$100,000.00 Ranked 208th.
Trade balance with US	$1.43 billion Ranked 2nd.	0.0 Ranked 103th.
Unemployment rate	5.2% Ranked 88th.	60% Ranked 1st. 12 times more than Australia

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