In terms of individual industry share of Australia's outputs, the mining sector contributes 14.6%, the health and education sector contributes 13%, the finance sector contributes 7.6%, the construction sector contributes 7.3%, and the manufacturing sector contributes 5.8%. Also, our diverse and highly productive economy is resilient against economic shocks, including the ongoing pandemic.' Australian trade is already oriented towards Asia’s economies – especially in minerals, energy, services and agriculture. Fast-growing Asia is set to deliver 44% of global GDP by 2026. In terms of Asia, Australia's government writes, 'Two other factors underpin our resilience: location and diversity. To fight inflation, Australia's central bank recently raised interest rates to a 10 year high of 3.1%. Despite the high inflation, Australia has a low unemployment rate of around 3.4%.įor the long term, Australia remains attractive in terms of its growth potential given its large area, relatively low population, and its proximity to major Asian economies.

Inflation in the country is expected to peak around 8% this year before easing next year. For the near term, the ratings agency expects GDP for the country to expand 3.9% in 2022 and 1.5% in 2023 giving the high inflation, rising interest rates, and slowing global economy. In 2021, the country also had a GDP per capita of $59,934.13, ranking among the highest in the world in terms of wealth.Īccording to Fitch, Australia's Economy economy grew for 30 straight years prior to the pandemic and is relatively resilient. While it only has a population of 25.7 million, Australia has a developed economy and a nominal GDP of $1.543 trillion. If you want to see more best ASX stocks to buy, go directly to 5 Best ASX Stocks to Buy Heading into 2023. In this article, we will take a look at 10 best ASX stocks to buy heading into 2023.

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