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Australia’s Place in the Global Economy

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.

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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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