Calculate Australia’s GDP over the 2016 calendar year using the below table:
|Australian Gross Domestic Product Components|
|A$ billion, 2016 Calendar Year from 1 Jan 2016 to 31 Dec 2016 inclusive|
Source: ABS 5206.0 Australian National Accounts: National Income, Expenditure and Product. Table 3. Expenditure on Gross Domestic Product (GDP), Current prices.
Australia’s GDP was:
The government spends money on:
- Goods and services such as defence, police, schools, hospitals and roads; and
- Transfer payments (also called welfare) such as the pension, dole, disability support and student support.
When calculating GDP, the ‘government spending’ component is supposed to include:
Below is a table showing some countries’ GDP, population and GDP per capita.
|Countries' GDP and Population|
|GDP||Population||GDP per capita|
|USD million||millions of people||USD|
Source: "GDP and its breakdown at current prices in US Dollars" United Nations Statistics Division. December 2016.
Using this data only, which one of these countries’ citizens have the highest living standards?
Which form of production is included in the Gross Domestic Product (GDP) reported by the government statistics agency?