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Using the data in the table provided, comment on the relative performance of the Australian economy. Express your comments in terms of the indicators shown in the table.
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Kin Kit Kwa Assessment 3: Research Assignment a) Using the data in the table provided, comment on the relative performance of the Australian economy. Express your comments in terms of the indicators shown in the table. Data shows % change Country GDP Unemployment Industrial output Consumer prices Retail sales Recent qtr annualised 1 yr ago Latest 1 yr ago Australia 3.5 3.7 6.1 7.0 1.6 3.0 5.4 Italy 1.1 0.5 11.9 10.9 -0.8 1.2 -0.9 Germany -0.1 0.5 10.3 9.6 -1.4 1.1 -3.2 Japan 2.0 2.6 5.5 5.5 6.4 -0.3 -3.0 USA 0.7 2.8 5.7 5.6 2.0 2.6 4.9 France 0.9 1.7 9.1 8.8 -0.1 2.0 -1.9 Canada 3.1 4.0 7.4 7.9 4.9 3.9 2.4 EURO area 1.2 0.9 8.5 8.1 -0.5 2.1 -0.4 Growth Domestic Product, (GDP) * The main measure of economic performance is Gross Domestic Product (GDP), this is the total market value of all goods and services produced. * GDP can be measured in three different ways, value of production, expenditure and the income approach * All these values of GDP indicate the performance of the Australian economy * Thus from the data from the table it is shown that the GDP has fallen 0.2% from 3.7% to 3.5% * Although this indicates a slight slow down in the economy as the GDP has fallen, compared to the other economies, it is the greatest GDP percentage change * Thus although...
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