For 2024, cyber incidents were a leading business risk to companies of all sizes globally according to risk management experts worldwide. Some industries are more prone to cyberattacks than others. For instance, manufacturing was the most targeted industry globally by ransomware incidents in 2023. Meanwhile, the number of cyber incidents in the financial sector increased in recent years. How does cybercrime jeopardize businesses? Cyber incidents pose a multitude of risks to businesses across various aspects. Financially, they can result in direct losses through theft, ransom payments, or disruptions in operations, which affect revenue streams and stability. Between 2001 and 2023, the monetary damage from cybercrime in the United States rose from 17.8 million U.S. dollars to a staggering 12.5 billion dollars. What challenges do businesses face due to inflation? Inflation poses numerous challenges to organizations, affecting consumer spending, interest rates, driving up operational expenses, and creating uncertainty in strategic planning. Rising prices frequently result in increased costs for raw materials and wages, thereby reducing profit margins. Throughout much of the 2010s, inflation was consistently low, especially between 2013 and 2020, when it fluctuated between 2.7 and 3.6 percent. However, the annual global inflation rate peaked in 2022, at 8.71 percent, and is expected to decline in the following years. This heightened inflation was a sign that the global economy was undergoing a period of great uncertainty, which made it more expensive to do business.

Corporate Profits in the United States decreased to 3128.50 USD Billion in the third quarter of 2024 from 3141.56 USD Billion in the second quarter of 2024. This dataset provides the latest reported value for - United States Corporate Profits - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In September 2024, the global PMI amounted to 47.5 for new export orders and 48.8 for manufacturing. The manufacturing PMI was at its lowest point in August 2020. It decreased over the last months of 2022 after the effects of the Russia-Ukraine war and rising inflation hit the world economy, and remained around 50 since.

Inflation rates in the Association of Southeast Asian Nations (ASEAN) ranged from 31 percent inflation in Laos to 0.37 percent inflation in Brunei Darussalam. While countries like Vietnam are likely benefitting from more stable inflation than earlier seen, only a few countries are in the 2 to 6 percent range that many economists view as optimal for emerging economies. Effects of high inflation High inflation is generally detrimental to the economy. Prices tend to rise faster than wages, meaning that people and firms have less purchasing power. This in turn leads to slower growth in the gross domestic product (GDP). It also leads to a weaker currency. For countries with a positive trade balance this can be beneficial, because exports are relatively cheaper to foreign buyers. Through the same mechanism, net importers suffer from a weaker currency. Additionally, inflation makes a country’s national debt less expensive if the debt is denominated in the local currency. However, most of this debt is in U.S. dollars, so inflation makes the debt more difficult to service and repay. Risks of deflation With deflation, consumers and firms delay investments because they expect prices to be lower in the future. This slows consumption and investment, two major components of GDP growth. The most common example of this is Japan, where the GDP growth rate has been low for a long time due, in large part, to deflation. For this reason, countries like Brunei would rather see low and stable inflation than slight deflation.

Inflation in Argentina was 54 percent in 2019, before falling to 42 percent in 2020. Despite Argentina's fluctuating economic instability over the twentieth century, the largest factor in its current economic status is the legacy of poor fiscal discipline left by the economic depression from 1998 to 2002. Although data is not available from 2014 to 2016, Argentina's inflation rate has been among the highest in the world for the past five years.

What causes inflation?

Inflation is a rise in price levels for all goods. Major causes of inflation include an increase in money supply, low central bank interest rates, and expectation of inflation. In a country such as Argentina, the expectation can be one of the biggest obstacles. People expect inflation to be high and demand increasing wages, and firms continue raising prices because they expect the costs of inputs to increase. Banks follow suit, charging high interest rates on fixed deposits.

Effects of inflation

Inflation negatively affects savers. 100 Argentinian pesos in 2018 was worth just under 75 pesos in 2019, after adjusting for the 34 percent inflation rate. Similarly, frequently changing prices has its own inherent cost, called “menu cost” after the price of printing new menus. Inflation will also have a positive effect on national debt when that debt is denominated in Argentinian pesos, because the pesos will be cheaper when the loan matures. However, the majority of Argentina’s debts are in foreign currency, which means that inflation will make these debts larger in peso terms.

The Corona crisis (COVID-19) affects a large proportion of companies and freelancers in Germany. Against this background, the study examines the personal situation and working conditions of employees in Germany in times of corona. The analysis mainly refers to the situation in May 2020 and can only make limited statements about the further situation of the employed persons in the course of the corona pandemic.
1. Personal situation: change in working times during the corona crisis; current work situation (local focus of one´s own work); preference for home office; preference for future home office; financial losses due to the corona crisis; concerns about the financial and economic consequences of the corona crisis in Germany; concerns about the corona crisis in personal areas (job security, current working conditions, financial situation, career opportunities, family situation, health, psychological well-being, housing situation); support from the employer in the corona crisis.

1. Economy and welfare state: political interest; assessment of the economic situation in Germany; preferred form of government (strong vs. liberal state); agreement on various statements on the weighing of values in the Corona crisis (the restrictions on public life to protect the population from Corona are not in proportion to the economic crisis caused by it, the money now being made available for economic aid will later be lacking in other important areas such as education, infrastructure or climate protection, for politicians, the health of the population is the top priority, the interests of the economy influence them less strongly with regard to the corona crisis, the worst part of the crisis is now behind us, as a result of the economic effects of the corona crisis the contrast between rich and poor in Germany will become even more pronounced, the corona crisis affects the low earners more than the middle class, the corona crisis significantly advances the digitalisation of the world of work); perception of state action in the corona crisis on the basis of pairs of opposites (e.g. bureaucratic - unbureaucratic, passive - active, etc.); responsibility of the state to provide financial support to companies in the corona crisis; responsibility of the state to provide financial support to private individuals in the corona crisis over and above basic provision; recipients of state financial aid in the corona crisis (companies, directly to needy private individuals, companies and private individuals alike); assessment of the bureaucracy involved in state financial aid (speed vs. exact examination).

2. Measures: awareness of current measures to support business and individuals in the corona crisis; assessment of current measures to support business and individuals in the corona crisis; reliance on assistance in the corona crisis; nature of assistance used in the corona crisis; barriers to use of assistance in the corona crisis; assessment of the effectiveness of the state measures to cope with the corona crisis; appropriate additional measures to mitigate the economic consequences; concerns about the consequences of the planned state measures (increasing tax burden, rising social contributions, rising inflation, stagnating pension levels, rising retirement age, reduction of other state transfers, safeguarding savings).

3. Information: active search for information on financial assistance offers by the Federal Government in the corona crisis; self-assessment of the level of information on measures to support business and private individuals in the corona crisis; request for detailed information on state assistance measures in the corona crisis (e.g. application process, sources of funding, conditions for receiving assistance, etc.) sources of information used about state aid measures in the Corona crisis; contact with institutions offering economic and financial aid during the Corona crisis (development bank/ municipal development agency, employment agency, tax office, none of them); experience with institutions offering economic and financial aid during the Corona crisis (appropriate treatment).

4. Outlook: assessment of the future economic situation in Germany; assessment of Germany´s future as a strong business location; assessment of its own future economic situation; assessment of the duration of the economic impairment caused by the Corona crisis.

Demography: age; sex; education; employment; self-localization social class; net household income; current household income; household income before the crisis; occupational activity; belonging to systemically important occupations; number of persons in the household; number of children under 18 in the household; size of town; party sympathy; migration background.

Additionally coded: current number; federal state; education (low, medium, high); weighting factor.

Since 2019, industry sales have fallen by an average of 2.5% per year. The decline in demand in 2020 was largely responsible for the drop in sales, as the coronavirus pandemic led to the cancellation of a large number of events and forced industry companies to severely restrict their business activities. In the years that followed, the industry benefited from the fact that event restrictions were lifted again and many events attended by photographers that had been postponed or cancelled due to the crisis were rescheduled. In a difficult macroeconomic situation characterised by high inflation, the industry has shown itself to be comparatively independent of economic developments over the past two years. Despite the rising cost of living and the associated reluctance to buy, demand for photo products has not diminished. Many industry players were able to pass on the inflation-related cost increases to their customers by raising prices. At the same time, the industry was hardly affected by the impact of the war in Ukraine in terms of procurement and sales. Industry sales in 2023 have returned to pre-pandemic levels, meaning that no further catch-up effects are expected in the current year. Industry turnover is expected to fall by 0.5% to 2.2 billion euros in 2024. Nevertheless, it can be assumed that demand for professional photo products will continue to develop positively. In addition to traditional photo prints, more and more industry players are also offering value-added products such as photo books, photo calendars, wall art, greeting cards and other photo gifts. This is opening up a growing niche market. While more and more people are ordering their products online and industry players are benefiting from a strong online presence, external competitive pressure is also increasing. For example, the proportion of people who own a smartphone is constantly increasing. Devices are becoming more and more powerful and can take better and better photos, which is slowing down demand for industry services. IBISWorld expects average annual growth of 2% for the period from 2024 to 2029, meaning that industry turnover is likely to amount to 2.5 billion euros in 2029. In addition to the expected positive business climate, the advancing digitalisation in particular is likely to boost industry revenue. The increasing global use of social media by consumers is enabling more companies to reach a large number of customers in Germany and abroad with online presences. This should increase the turnover generated by photographers due to the increased demand for industry services.

Tariffs have long been central tool in global trade policy. Learn how tariffs affect critical US industries, and how businesses are navigating their impacts.

According to Cognitive Market Research, the global Platinum Mining market size is USD 5515.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.30% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 2206.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 1654.56 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 1268.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.3% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 275.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 110.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.
The Open-Pit held the highest Platinum Mining market revenue share in 2024.

Key Drivers of the Platinum Mining Market

Growing Demand for Catalytic Converters to Increase the Demand Globally

The necessity of platinum in lowering hazardous emissions from gasoline and diesel automobiles is driving the demand for catalytic converters. The automotive industry is seeing increased demand for platinum due to the tightening worldwide pollution rules. Due to these laws, which require catalytic converters to reduce pollution, there is a substantial market for platinum as a catalyst. To help with environmental conservation efforts, the metal catalyzes chemical reactions that transform toxic gasses like hydrocarbons, nitrogen oxides, and carbon monoxide into less dangerous compounds. As a result, platinum is viewed as a critical element in the global effort to achieve cleaner and more sustainable transportation due to its indispensable nature in catalytic converters.

Increasing Demand for Jewelry to Propel Market Growth

Due to its legendary durability and alluring shine, platinum jewelry is increasingly in demand. The popularity of platinum jewelry will only increase due to growing disposable incomes and a growing demand for luxury items, especially in emerging nations. Platinum's classic beauty and standing as a symbol of refinement and sophistication are drawing in more and more customers. Furthermore, the metal is favored for fine jewelry due to its hypoallergenic qualities and tarnish resistance. Platinum jewelry is expected to continue in high demand as the luxury market grows internationally due to changing consumer tastes and lifestyle trends, solidifying its status as a sought-after option for affluent customers.

Restraint Factor of the Platinum Mining Market

Price Volatility to Limit the Sales

Numerous causes can cause fluctuation in platinum pricing, which can present difficulties for producers and buyers alike. The platinum market is susceptible to price instability due to various factors, including shifts in the demand for investments and industrial products, geopolitical tensions, currency fluctuations, and supply and demand dynamics. Furthermore, macroeconomic variables that affect investor sentiment and platinum prices include inflation rates, interest rate fluctuations, and growth in the world economy. Producers may find it difficult to plan their output and investment decisions due to this inherent unpredictability, while consumers may need help setting budgets and establishing pricing plans. Therefore, managing risk in the platinum market needs strategic decision-making and close attention to detail to minimize the impact of price volatility on both supply chain ends.

Impact of COVID-19 on the Platinum Mining Market

The COVID-19 epidemic has had a major effect on the platinum mining business. Reduced output levels have resulted from supply chain interruptions, travel restrictions, and lockdowns impeding mining activities. The epidemic has also reduced industrial output and automobile consumption, which has lowered platinum demand and exacerbated market difficulties. While some mining companies have taken precautionary steps to stop the virus from spreading among their employees, others have had difficulties hiring workers and running their businesses. The pand...

As of January 2024, the tech startup with the most layoffs was Amazon, with over 27 thousand layoffs, across five separate rounds of layoffs. It was followed by Meta and Google with around 21 thousand and 12 thousand job cuts announced respectively.

Layoffs in in the technology industry

Overall, layoffs across all industries began in 2020 due to the outbreak of the coronavirus (COVID-19) pandemic, with tech layoffs increasing in 2022. In the first quarter of 2023 alone, more than 167 thousand employees had been fired worldwide, a record number of job cuts in a single quarter and more than all of the layoffs announced in 2022 combined, marking a harsh start to of 2023 for the tech sector. From retail to finance and education, all sectors are suffering from this widespread downsizing. However, retail tech startups were hit the most, with almost 29 thousand layoffs announced as of September 2023. Most job losses happened in the United States, where tech giants like Amazon, Meta, and Google are based.

Reasons behind increasing tech layoffs

Layoffs in the technology sector started with the COVID-19 pandemic in 2020 when entire cities were in lockdown and mobility was restricted. Although restrictions loosened up in 2021, events such as the Russia-Ukraine war, the downturn in Chinese production, and rising inflation had a significant impact on the tech industry and continue to represent major concerns for tech companies. As a consequence, companies across the world have yet to overcome all economic challenges, examples of which are rising material and labor costs, as well as decreasing profit margins. To address such difficulties, tech companies have appointed business plans. For instance, in the United States, tech firms planned to focus more on consumer retention, automating software, and cutting operating expenses.

The development of credit banks in Germany over the last five years has been strongly influenced by several factors, including the transition from a prolonged period of low interest rates to significantly higher interest rates, the COVID-19 pandemic, the war in Ukraine and the recession of recent years. Industry turnover, which is made up of the interest and commission income of credit banks, has risen by an average of 17.1% per year since 2020. The strong increase in the last five years can be attributed to the following reason: For a long time, banks did not generate significantly higher income as the European Central Bank's (ECB) key interest rate remained at 0% for a long period of time. Only the significant increase in the key interest rate to combat inflation revitalised the traditional interest margin business. This then led to significantly rising growth rates in earnings. However, IBISWorld expects the positive sales trend to weaken in 2025, even if the higher base rate level, which improves interest income, is still clearly noticeable. Industry turnover is expected to increase by 3.6% year-on-year to 182.4 billion euros.Banks offered loans on favourable terms due to the low interest rates that prevailed for a long time. This increased the demand for loans and the lending volume in the sector rose. In addition, digitalisation has prompted banks to rethink their business concepts, which has led to numerous branch closures over the last five years. This has led to job cuts and savings. IBISWorld expects this trend to continue in the coming years and more banks to rely on the use of modern technologies for business processing.For the period from 2025 to 2030, IBISWorld forecasts average annual sales growth of 2% to 201.3 billion euros. The high level of key interest rates is expected to be mitigated by slight interest rate cuts to stimulate the economy, which will have a positive impact on the earnings situation of credit banks. The hoped-for economic recovery is not yet in sight. The International Monetary Fund anticipates further weak growth in the global economy this year, which is likely to hit Germany hard in a global comparison. As a result, there is also a risk that corporate customers, who are important for the sector, will demand fewer loans.

Revenue for tax preparation providers in Canada benefited from steady economic stabilization following a period of high inflation, driven by an increasing number of households earning $100,000 or more. While shaky economic conditions in the wake of the pandemic and subsequent inflationary pressures curtailed lower-income customers’ propensity to procure services, a big push among wealthier customers offset serious losses. In recent years, the expansion of new technology via smartphone apps and higher emphasis on digital presence has further maximized tax preparers’ exposure. Prominent companies like H&R Block and Intuit Inc. continue to invest more capital into new technologies that digitize their services and offer clients greater accessibility to their services. These trends caused revenue to grow an annualized 1.4% to an estimated $1.7 billion over the past five years, including an anticipated 4.3% slip in 2024 caused primarily by heightened competition among lower-cost DIY services. The introduction of online tax preparation services has been the most prominent change that continues to influence tax preparers’ demand. Strong growth of user-friendly online products, coupled with increasing internet capabilities, has enabled more consumers to complete their returns through tax software. These technological advancements are disrupting traditional operations as more tax filers begin using the assisted tax preparation software such as Intuit Inc.'s TurboTax product to the benefit of the industry. However, this has also driven individuals to use the free public online resource, circumventing traditional tax preparers and curtailing larger revenue growth. Nonetheless, the broader digitalization trend is having meaningful effects in consumer behaviour, with 59.8% of Canadian individuals using E-FILING services for their tax needs, according to 2024 figures from the Canadian Revenue Agency. The higher emphasis on digital services has also stabilized servicers’ profit margin, although high compliance costs and the consistent dependence on qualified staff curtails any growth prospects. Moving forward, tax preparation servicers will benefit from a mix of good economic conditions, anticipated declines in the national unemployment rate and the growing adoption of AI across its workflow. Anticipated growth in corporate sentiment and disposable income will provide core revenue streams for tax preparers’ largest markets, with households earning over $100,000 leading the charge. Expansion of value-added services such as financial document compilation and consulting services to compete with the increasing use of online services. Revenue is expected to grow an annualized 1.7% to an estimated $1.8 billion through the end of 2029.

During a survey on small businesses in the U.S. in August 2024, about 21 percent of the respondents stated that the most important problem for small businesses was quality of labor. Additionally, around 24 percent of survey participants said that inflation was the most important problem for their business, a slight increase from August 2023, when inflation was the biggest concern for 23 percent of businesses.

Due to the recent hyperinflation crisis in Venezuela, the average inflation rate in Venezuela is estimated to be around 150 percent in 2025. However, this is well below the peak of 63,000 percent observed in 2018.What is hyperinflation?In short, hyperinflation is a very high inflation rate that accelerates quickly. It can be caused by a government printing huge amounts of new money to pay for its expenses. The subsequent rapid increase of prices causes the country’s currency to lose value and shortages in goods to occur. People then typically start hoarding goods, which become even more scarce and expensive, money becomes worthless, financial institutions go bankrupt, and eventually, the country’s economy collapses. The Venezuelan descent into hyperinflationIn Venezuela, the economic catastrophe began with government price controls and plummeting oil prices, which caused state-run oil companies to go bankrupt. The government then starting printing new money to cope, thus prices rose rapidly, unemployment increased, and GDP collapsed, all of which was exacerbated by international sanctions. Today, many Venezuelans are emigrating to find work and supplies elsewhere, and population growth is at a decade-low. Current president Nicolás Maduro does not seem inclined to steer away from his course of price controls and economic mismanagement, so the standard of living in the country is not expected to improve significantly anytime soon.

Rising inflation in the United Kingdom throughout 2022 has put pressure on businesses faced with larger energy bills. As of August 2022, approximately three-quarters of small and medium-sized enterprises (SMEs), that reported increased energy costs, advised that these higher energy costs would result in higher costs for their customers. Although 34 percent of these SMEs thought they could sustain higher energy costs for as long as needed, nine percent believed they could not afford them at all.

In 2023, the average inflation rate in Vietnam amounted to 3.25 percent compared to the previous year. After a severe drop below one percent in 2015, Vietnam’s inflation seems to have stabilized again and is expected to level off at around 3.4 percent in the next few years.

Vietnam’s economic struggles

Around 2012, Vietnam suffered the consequences of the global economic crisis and domestic economic mismanagement, which saw enterprises going bankrupt, inflation peaking at over nine percent, and gross domestic product slumping to a dramatic low. Fortunately, the country recovered quickly and seemed out of the red and on a stable path by 2016.

Rich in rice

Vietnam’s economy is largely rooted in services and industry, but around 16 percent of it is generated by agriculture, mainly rice cultivation. Almost half of the Vietnamese workforce is active in this sector. Vietnam is, in fact, one of the largest exporters of rice in the world, but also one of the main consumers. Paddy production in Vietnam has decreased a bit in the last few years, but overall, the country’s economy is perceived to improving.

The statistic shows the inflation rate in the Netherlands from 1987 to 2023, with projections up until 2029. The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year. They include expenses for groceries, clothes, rent, power, telecommunications, recreational activities and raw materials (e.g. gas, oil), as well as federal fees and taxes. In 2023, the average inflation rate in the Netherlands was about 4.12 percent compared to the previous year.

Economy of the Netherlands

The Netherlands has an open economy, which implies that the country is highly dependent on foreign activities, such as imports and exports. The country’s economic policies and regulations have allowed for the country to highly benefit from strong international relations, however have increased the chances of economic struggles that correspond with the economic situations in other countries as well. The Netherlands is one of the main countries for foreign direct investments in Europe due to its strategic location, superior technological infrastructure as well as international business environment, a reputation that has all but grown more formidable over the years. Additionally, the country’s tourism industry makes up a rather large part of its GDP.

Despite feeling the effects of the global financial crisis of 2008 as well as the Eurozone crisis, many aspects of the Dutch economy are highly prosperous, most notably with its low inflation rates. Unemployment within the country, in spite of a slight increase over the past several years, has remained relatively low in comparison many other European countries that were equally as affected by recession.

In October 2024, the inflation rate for food prices in the United Kingdom was measured at 1.9 percent. A period of continuous deflation between March 2015 and January 2017 preceded a return to a sustained rise of the cost of food from February 2017 onwards. While food prices were deflating between September 2020 and July 2021, they started increasing rapidly from August 2021 to March 2023. The inflation rate started to decline from April 2023. Inflation rate and consumer price indexInflation is commonly measured via the consumer price index, which illustrates changes to prices paid by consumers for a representative basket of goods and services. An annualized percentage change in the price index constitutes a measure of inflation. In order to maintain an inflation rate at a stable level, to enable the general public and businesses to plan their spending, the Government set a two percent inflation target for the Bank of England. The discounter boom The increase in food prices in the United Kingdom has shifted shopping behaviours amongst consumers. Value is now key and shoppers are changing their retailer loyalties. Aldi, the German discount supermarket retailer, overtook Morrisons as Great Britain's fourth largest supermarket in September of 2022. Aldi's market share reached double digits for the first time in April 2023. It is yet to be seen if Lidl, Aldi's discounter competitor, can also continue to rise up in the ranks and eventually take over Morrisons as the fifth leading food retailer.

The global total consumer spending in was forecast to continuously increase between 2024 and 2029 by in total 16.2 trillion U.S. dollars (+26.61 percent). After the ninth consecutive increasing year, the consumer spending is estimated to reach 77.1 trillion U.S. dollars and therefore a new peak in 2029. Consumer spending here refers to the domestic demand of private households and non-profit institutions serving households (NPISHs). Spending by corporations and the state is not included. The forecast has been adjusted for the expected impact of COVID-19.Consumer spending is the biggest component of the gross domestic product as computed on an expenditure basis in the context of national accounts. The other components in this approach are consumption expenditure of the state, gross domestic investment as well as the net exports of goods and services. Consumer spending is broken down according to the United Nations' Classification of Individual Consumption By Purpose (COICOP). As not all countries and regions report data in a harmonized way, all data shown here has been processed by Statista to allow the greatest level of comparability possible. The underlying input data are usually household budget surveys conducted by government agencies that track spending of selected households over a given period.The data is shown in nominal terms which means that monetary data is valued at prices of the respective year and has not been adjusted for inflation. For future years the price level has been projected as well. The data has been converted from local currencies to US$ using the average exchange rate of the respective year. For forecast years, the exchange rate has been projected as well. The timelines therefore incorporate currency effects.Find more key insights for the total consumer spending in countries like North America and Europe.

The statistic shows the inflation rate in Australia from 1987 to 2022, with projections up until 2029. The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year. They include expenses for groceries, clothes, rent, power, telecommunications, recreational activities and raw materials (e.g. gas, oil), as well as federal fees and taxes. In 2022, the average inflation rate in Australia was at about 6.61 percent compared to the previous year.

Australia's economy

Australia has one of the world’s largest economies and is a significant global importer and exporter. It is also labeled as one of the G20 countries, also known as the Group of Twenty, which consists of 20 major economies around the globe. The Australian economy is highly dependent on its mining sector as well as its agricultural sector in order to grow, and it exports the majority of these goods to eastern Asian countries, most prominently China. Large quantities of exports have helped Australia maintain a stable economy and furthered economic expansion, despite being affected by several economic obstacles.

Australia’s GDP has seen a significant increase over the past decade, more than doubling its value, and experienced a rather quick recovery from the 2008 financial crisis, which indicates that the country experienced economic growth as well as higher productivity. One of the primary reasons is the further development of the nation’s mining industry coupled with the expansion and success of many Australian mining companies.