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In 2017, Australia’s annual GDP will top $1.8 trillion.
This is $1.8 trillion of goods and services consumed, exported, invested in or otherwise spent in the economy in a 12 month period.
This is an impressive figure for a country of around 24.5 million people, which means annual per capita GDP is approximately $73,500.
When converted into US dollar terms, Australia’s GDP is bigger than Spain (over 46 million people), Mexico (129 million people) and Indonesia (261 million). Australia’s GDP will be little below Russia (144 million people), South Korea (51 million) and then there is a bit of a gap up to Canada (36 million). Of course, after that are the mega-economies that dominate world trade and markets.
But the data goes to show that in per capita terms, Australians are on average, very well off. Rich, in other words.
At a time when stock markets in the big, industrialised countries are zooming to record high after record high, the ASX200 index is going no where. So poor has the performance been that the ASX is around 20 per cent below the level prevailing in 2008.
It is a picture most evident in the last few years. Since the middle of 2013, the ASX 200 has risen by just 10 per cent. The US stock market, by contrast, has risen by 50 per cent, in Germany the rise has been 55 per cent, in Canada the rise has been 20 per cent, in Japan the rise has been 45 per cent while in the UK, with all its troubles, the rise has been 15 per cent.