Why does Australia have a high GDP per capita in comparison to India?
I think the GDP per capita is calculated with the following introduction. Australia GDP Per Capita, when adjusted by purchasing power parity, stands at 35677 US dollars, according to the World Bank. The GDP per capita is obtained by dividing the country’s gross domestic product, adjusted by purchasing power parity, by the total population. Australia Gross Domestic Product is worth 1015 billion dollars or 1.64% of the world economy, according to the World Bank. Australia Gross Domestic Product (GDP) expanded at an annual rate of 0.90 percent over the last quarter. Australia’s economy is dominated by its services sector, yet its economic success is based on abundance of agricultural and mineral resources. Australia’s comparative advantage in the export of primary products is a reflection of the natural wealth of the Australian continent and its small domestic market. The country is a major regional financial centre and a vital component of the global financial system. This page includes:
