Facts explained

Australia's total GDP for 2013 was 1.4 trillion dollars, with the Domestic Australian economy being worth 1.1 trillion dollars with 70% of this being service based. This is compared with a relatively low export figure of 300 billion but still significant to Australia's economy. Exports are mainly made up of iron ore, 57 billion and coal which is 38 billion.
Iron ore and coal are the two core ingredients of steel. Iron ore is the majority of the steel and the coal is used in production - used to melt the iron. Steel is light and strong and used in building and weaponry.All concrete contains steel reinforcement. Therefore important exports.
China , a country 1.3 billion population has more than 100 cities with populations greater than 1 million and they are rapidly building roads, railways, apartments, schools etc. Steel production bigger, faster, better, cheaper in China.
Manufacturing in Australia has been decreasing. Since the emergence and dominance of China. E.G. Toyota gone, bonds gone, Ford gone.
China won't eclipse the U.S. economy until 2028, much later than some analysts have suggested.

Australia GDP per capita= 64,157

America GDP per capita=52,839

China GDP per capita= 6,569

*GDP per capita = GDP/POPULATION

	Created by Emma Neal over 10 years ago

Note on Power of One, created by Emma Neal on 10/05/2014.