Important Industries in Australia
Australia, one of the major countries in the world, deals with a diverse and mixed economy. The GDP estimate of the country was about AUD$ 1.89 trillion in 2019. However, in 2020, Australia became the 13th largest economy as per nominal GDP. Also, it ranked as the 25th largest exporter of goods and 20th largest goods importer. Well, it’s the bigger and important industries in Australia that play a great part in presenting the country to such a high level on the global platform. So, here are some important industries of Australia that made significant contributions to the country’s economic development.
Mineral Resources Industry
The minerals and resources industry in Australia is one of the most important sectors. Australia is rich with resources and minerals in a large quantity. Based on the mining of minerals and resources, many production and manufacturing industries have grown in the country. Australia was the third-largest supplier of iron ore in 2008. It supplied almost 342 million metric tonnes of the mineral. Currently, it is the second-largest producer of gold in the world. Australia is also the largest producer of Opal. Moreover, the country holds the position of the largest exporter of coal in the world.
Australia has a modern and fast-growing financial sector. The robust finance industry of the country boosts its economy. Due to its strong finance, many entrepreneurs choose this country to expand their business. In 2015, Australia secured the rank of the fastest place to begin a business. The business service industry of Australia has a worth of AUD$ 1.7 trillion, which adds to 11% of the national GDP. Hence, the country is a sweet spot for many investors from all over the world.
The rich GDP of the country gets a massive backup from its healthcare sector. It is the fourth most significant industry that contributes to the GDP of the country. Also, the healthcare sector of Australia ranked the 2nd best one in the world as per the Commonwealth fund’s 2017 report. With an impressive healthcare model and plenty of scope for medical research, the country has 13% of its workforce employed in the said industry. Out of it, 31% of Australian manpower work as part-timers. Also, for performing medical trials and investigations, this country is one of the best destinations.
Tourism in Australia is a highly flourished sector. Every year many tourists from all over the world visit this country. Its fascinating natural landscape, deserts, coastal areas, and rainforests are the main attractions. Australia records more than 7 million visitors from all corners of the world every year. Also, the tourism industry adds AUD$ 38 billion to the Australian economy. Additionally, it is a great source of employment for at least 1 million people.
The wide range of industries in Australia has made it a stronger entity in the world. With an impressive economy and ample job opportunities, Australia showcases how industries serve the country. Apart from the ones mentioned above, the service industry, media and entertainment industry, agricultural sector, and manufacturing units are also essential industries that play a major part in Australia’s economic development.