Business Insider recently put some incredible perspective on Australia’s place in the global economy in the graphic below.
The ABS figures show, that Australia’s largest state economy is New South Wales, which churns out roughly the same GDP as Austria did in 2012.
That would put NSW in 26th place on a global GDP scale if it were a country.
Austria’s population is about 8.4 million, compared to NSW’s 7.2 million, so that makes NSW residents around 16% more productive than Austrians.
At the other end of the scale, the Northern Territory is picking up the rear, adding the same GDP to Australia’s total ($19,860m) as would Nepal if it were in place of the Top End.
However, with a population of 233,000, it’s punching above its weight in comparison with Tasmania, which has more than twice the NT’s population, but adds just 20% more to the nation’s GDP.
Looking at the population basis as a country, Australia’s 23,378,461 residents are currently outputting the combined GDP of 310,523,818 residents of Austria, Hong Kong, Nepal, Pakistan, Ecuador, Jordan, Malaysia and Uganda.
Subscribe & don’t miss a single episode of michael yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to michael yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.