The Western Australian economy is a state economy dominated by its resources and services sector and largely driven by the export of iron-ore, gold, liquefied natural gas and agricultural commodities such as wheat. Covering an area of 2.5 million km2, the state is Australia's largest, accounting for almost one-third of the continent. Western Australia is the nation's fourth most populous state, with 2 million inhabitants (10% of the national population).
In 2011, Western Australia provided 46% of Australia's exports. In 2010-11, Western Australia’s gross state product was A$193 billion (14.6% of Australia's GDP), making it the nation's fourth most productive state with a GSP per capita of $82,653 (compared with the national average of $57,925). If Western Australia were a separate country, it would be among the Top 50 economies in the world by GDP.
Famous quotes containing the words economy of, economy, western and/or australia:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“I wouldn’t say when you’ve seen one Western you’ve seen the lot; but when you’ve seen the lot you get the feeling you’ve seen one.”
—Katharine Whitehorn (b. 1926)
“It is very considerably smaller than Australia and British Somaliland put together. As things stand at present there is nothing much the Texans can do about this, and ... they are inclined to shy away from the subject in ordinary conversation, muttering defensively about the size of oranges.”
—Alex Atkinson, British humor writer. repr. In Present Laughter, ed. Alan Coren (1982)