Conference – 1994 Experiences with Current Account Deficits Among Asian Economies: Lessons for Australia?

Table 7: Australia – Economic Indicators
1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992
Real GDP growth 2.5 3.4 −0.1 0.7 7.5 4.8 1.9 4.4 4.4 4.6 1.4 −0.8 2.0
CPI inflation 10.1 9.7 11.1 10.1 4.0 6.7 9.1 8.5 7.2 7.6 7.3 3.2 1.0
Current account/GDP −2.8 −4.8 −4.8 −3.7 −4.7 −5.4 −5.6 −3.8 −4.1 −6.2 −5.1 −3.4 −3.7
Saving/GDP 21.4 20.3 17.2 19.4 19.2 18.6 19.1 20.7 22.6 21.0 18.4 16.1 16.0
Investment/GDP 25.4 27.2 22.5 23.4 24.1 25.2 23.8 23.8 26.3 25.4 21.2 19.0 19.5
Budget balance/GDP −0.6 0.4 0.5 −2.8 −1.4 −0.8 −0.6 2.2 3.1 3.3 2.5 −1.4 −3.1
Money growth 14.6 9.7 1.7 6.6 10.8 10.8 4.7 17.1 24.0 19.8 3.5 8.5 18.1
Real exchange rate 99.3 109.3 110.1 106.7 112.0 94.5 83.2 83.9 94.5 102.1 100.0 98.6 91.0

Sources: IMF, International Financial Statistics, Yearbook, 1993; OECD, National Accounts, Vol. 2; OECD, Economic Outlook, December, 1993; Morgan Guaranty Trust Co.