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Australia’s, China’s, and Greece’s Economies in 1999-2011 Essay

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Updated: Jan 20th, 2021

Presentation of the data in tables for each variable

Table 1: Data for the real GDP in Australia, China, and Greece from 1999-2011.

Australia (Billion) China (Billion) Greece (Billion)
1999-2000 416.90 1198.46 124.42
2000-2001 380.43 1324.80 129.84
2001-2002 397.24 1453.84 146.06
2002-2003 468.47 1640.98 192.87
2003-2004 615.28 1931.64 227.95
2004-2005 696.03 2256.91 240.08
2005-2006 749.32 2712.96 262.05
2006-2007 856.82 3494.07 304.90
2007-2008 1039.40 4521.82 341.19
2008-2009 924.84 4991.27 321.80
2009-2010 920.26 5926.60 301.08
2010-2011 917.80 6989.01 312.00

Source: The World Bank (2012); Australian Bureau of Statistics (2012).

Real GDP for Australia, China, and Greece
Figure 1: A graph of real GDP for Australia, China, and Greece from 1999-2011.

Table 2: Data for Real GDP per capita for Australia, China, and Greece from 1999-2011.

Australia China Greece
1999-2000 20617.60 949.18 11396.23
2000-2001 21768.04 1041.64 11857.74
2001-2002 19596.54 1135.45 13292.35
2002-2003 20214.31 1273.64 17494.44
2003-2004 23546.59 1490.38 20607.18
2004-2005 30569.07 1731.13 21620.72
2005-2006 34126.00 2069.34 23505.72
2006-2007 36202.54 2651.26 27240.77
2007-2008 40660.40 3413.59 30362.63
2008-2009 48348.26 3748.93 28520.96
2009-2010 42130.82 4428.46 26599.70
2010-2011 40801.00 8400.00 30830.00

Source: The World Bank (2012)

Bar graph of the GDP per capita for Australia, China, and Greece
Figure 2: Bar graph of the GDP per capita for Australia, China, and Greece from 1999-2011.

Table 3: Data for Annual real GDP growth.

Australia China Greece
1999-2000 5.16 8.40 3.42
2000-2001 4.00 8.30 4.48
2001-2002 2.07 9.10 4.20
2002-2003 3.90 10.00 3.42
2003-2004 3.27 10.10 5.94
2004-2005 4.16 11.30 4.37
2005-2006 2.96 12.70 2.28
2006-2007 3.08 14.20 2.10
2007-2008 3.56 9.60 -0.16
2008-2009 3.83 9.20 -3.25
2009-2010 1.45 10.40 -3.52
2010-2011 1.80 9.20 -6.01

Source: The World Bank (2012).

Data for annual real GDP growth for Australia, China, and Greece
Figure 3: Data for annual real GDP growth for Australia, China, and Greece from 1999 to 2011.

Table 4: Data for the unemployment rate in Australia, China, and Greece from 1999-2011.

Australia China Greece
1999-2000 3.90 3.10 11.20
2000-2001 3.60 3.10 10.70
2001-2002 4.20 3.60 10.30
2002-2003 4.30 4.00 9.80
2003-2004 4.90 4.20 10.50
2004-2005 5.10 5.20 9.90
2005-2006 4.80 9.80 8.90
2006-2007 4.40 6.00 8.30
2007-2008 3.80 6.30 7.70
2008-2009 4.80 6.10 9.50
2009-2010 4.40 6.20 12.60
2010-2011 5.00 6.50 17.00

Source: The Treasury (2012).

Graph of the unemployment rate for Australia, China, and Greece
Figure 4: Graph of the unemployment rate for Australia, China, and Greece from 1999-2011.

Table 5: Data of the interest rate for Australia, China, and Greece.

Australia China Greece
1999-2000 5.76 5.86 11.63
2000-2001 4.26 5.05 8.64
2001-2002 4.76 5.16 5.31
2002-2003 5.26 5.24 3.89
2003-2004 5.33 5.23 2.77
2004-2005 5.51 5.31 2.24
2005-2006 6.26 5.57 4.00
2006-2007 6.76 7.48 5.20
2007-2008 4.26 5.32 6.70
2008-2009 3.76 5.54 8.03
2009-2010 4.76 5.82 9.10
2010-2011 4.26 6.57 15.76

Source: Department of Foreign Affairs and Trade (DFAT) (2012).

The interest rate for Australia, China, and Greece
Figure 5: The interest rate for Australia, China, and Greece from 1999-2011.

Table 6: Data for the inflation rate for Australia, China, and Greece from 1999 to 2011.

Australia China Greece
1999-2000 4.48 -1.40 3.17
2000-2001 4.38 0.40 3.37
2001-2002 3.00 0.73 3.63
2002-2003 2.77 -0.77 3.53
2003-2004 2.35 1.17 2.90
2004-2005 2.67 3.91 3.55
2005-2006 3.53 1.83 3.20
2006-2007 2.33 4.79 3.50
2007-2008 4.35 5.91 4.15
2008-2009 1.82 -0.69 1.21
2009-2010 2.86 3.34 4.71
2010-2011 3.50 5.51 2.90

Source: The World Bank (2012).

Data for the inflation rate for Australia, China, and Greece
Figure 6: Data for the inflation rate for Australia, China, and Greece from 1999-2011.

Table 7: Data for government expenditure, taxes, and GDP for Australia and Greece.

Government expenditure Taxes GDP
Australia 506.10 31.10 917.70
Greece 154.51 34.00 308.30

Source: The World Bank (2012).

Bar graph for government expenditure, taxes, and GDP for Australia and Greece.
Figure 7: Bar graph for government expenditure, taxes, and GDP for Australia and Greece.

China’s economy is performing the best, while the economy of Greece is performing the poorest. Australia’s economy is neither poor nor the best, so it is on an average level of performance. The performance of China is steady while Australia and Greece have a turbulent economic performance for the period 1999 to 2011.

The real GDP for the three countries

China’s economy has been performing the best. The economy of Greece has performed the poorest, while Australia has been average. The GDP for China has been increasing. It is also evident that the economies of Australia and Greece have been low (The Treasury 2012). From Figure 8, it is evident that China’s economy experienced an increasing real GDP from 1999 to 2011. On the other hand, Australia had an increasing real GDP, but at a lower level. Greece had the lowest real GDP, which assumed a constant rate.

Real GDP for Australia, China, and Greece
Figure 8: A graph of real GDP for Australia, China, and Greece from 1999-2011.

The GDP per for the three countries

The GDP per capita for Australia has been the highest for the three countries. However, the graph for the GDP per capita for Australia increasing from 1999 to 2008/2009. This was the peak of the GDP per capita in the country. The curve then started to decline. The GDP per capita for Greece assumed the same shape. As such, the GDP per capita for Greece increased up to 2007/2008. The curve then started to decline. However, in 2010/2011, the GDP per capita for Greece increased. China had the lowest GDP per capita of the three countries. The GDP per capita for China assumed an increasing trend over the years.

Bar graph of the GDP per capita for Australia, China, and Greece
Figure 9: Bar graph of the GDP per capita for Australia, China, and Greece from 1999-2011.

The annual real GDP growth for the three countries

China has the highest annual real GDP growth for the period 1999 to 2011. The curve increased from 1999 to 2007. However, the country experienced a decline from 2008 to 2011. The annual real GDP growth for Australia has been fluctuating. Similarly, Greece has experienced fluctuating annual real GDP growth for the same period. However, Greece had a negative real GDP growth for the period 2008/2009 to 2010/2011 (Figure 10).

Data for annual real GDP growth for Australia, China, and Greece
Figure 10: Data for annual real GDP growth for Australia, China, and Greece from 1999 to 2011.

The unemployment rate

Greece has been experiencing the highest level of Unemployment. In China, unemployment has been low. However, unemployment increased from 1999 to 2006. The rate declined and remained steady from 2007 to 2011. In Australia, unemployment has been low and steady (Figure 11).

Graph of the unemployment rate for Australia, China, and Greece
Figure 11: Graph of the unemployment rate for Australia, China, and Greece from 1999-2011.

The interest rate

In Greece, interest rates were high in 1999. The interest rates declined until 2005. The rates started to rise and attained the highest in 2011. In Australia and China, the interest rates were constant and low. However, China had slightly higher interest rates than Australia.

The interest rate for Australia, China, and Greece
Figure 12: The interest rate for Australia, China, and Greece from 1999-2011.

Inflation rate

China has been experiencing fluctuating inflation rates over the years. In 1999/2000, 2002/2003, and 2009/2010, the country had a negative inflation rate. The country had the highest inflation rate in 2006/2007, 2007/2008, and 2010/2011. Australia has been experiencing relatively higher and fluctuating. Greece has been experiencing similar inflation patterns to Australia (Reserve Bank of Australia (RBA) 2011).

Data for the inflation rate for Australia, China, and Greece
Figure 13: Data for the inflation rate for Australia, China, and Greece from 1999-2011.

Government expenditure, taxes, and GDP for Australia and Greece

Australia has a higher GDP level compared to Greece. Also, Greece has higher tax rates compared to Australia. However, Australia has higher government expenditures than Greece. This shows that Greece is performing poorly in managing macroeconomic variables.

Bar graph for government expenditure, taxes, and GDP for Australia and Greece.
Figure 14: Bar graph for government expenditure, taxes, and GDP for Australia and Greece.

Australia, China, and Greece started to experience the effects of GFC in 2007 and 2008. China has been experiencing an increasing real GDP from 1999 to 2011. Australia experienced a peak in real GDP in 2008. Greece experienced an increasing real GDP up to 2007 when the curve started to decline. The inflation rate and unemployment rate started to increase from 2008 because the economies of the three countries were not performing well (Kates 2011).

Recovery from the GFC started to be experienced in the financial year 2009/2010. However, it is evident from the figures and data collected, that Greece delayed in achieving economic recovery. In 2008/2009, Australia and china registered high real GDP per capita. The real GDP per capita of china was not affected by the GFC. Australia started to experience economic recovery in the financial year 2008/2009.

On the other hand, Greece has been experiencing turbulent economic situations from 1999 to 2011. The situation in Greece has been worse because, in 2007/2008, the country had a negative real GDP. China had the best performance in real GDP per capita. Unemployment remained high in Greece after the GFC occurred. Unemployment started to rise in 2009, and this continued up to 2011. The country had the highest inflation rate in 2011. China experiences the highest rate of unemployment in 2005/2006. On the other hand, Australia had a constant unemployment rate (Ciro 2012).

The budgetary position for Australia is focused on increasing government expenditure and reducing taxes. Australia has a strong budgetary position because taxes are low and government expenditure is high. Therefore, the welfare of Australian citizens is better compared to that of Greece. Greece, on the other hand, has a high tax rate and low government expenditure. This is a poor budgetary position. This adversely affects the welfare of the citizens.

Greece has experienced a declining GDP performance compared to Australia. This shows that the income in the economy was low. According to Case and Fair (1992), income is composed of consumption, investment, government expenditure, and net taxes [Y=C+I+G+ y(r-t)]. Therefore, using these parameters, it is possible to conclude that the economic performance of Greece was worse in comparison to that of Australia. The tax rates are high in Greece, but there is low government expenditure compared to Australia. The findings also indicate that Greece has acquired many foreign debts. Hence, a lot of income is used to repay debts instead of increasing government expenditure.

Government expenditure

Reference List

Australian Bureau of Statistics (ABS) 2012, All Statistics.

Case, K E & Fair, R C 1992, Principles of macroeconomics. Englewood Cliffs, N.J: Prentice-Hall.

Ciro, T 2012, The global financial crisis: triggers, responses, and the aftermath. Farnham, Surrey: Ashgate Pub.

Department of Foreign Affairs and Trade (DFAT) 2012, Country Fact Sheet. Web.

Kates, S 2011, The global financial crisis: What have we learnt? Cheltenham: Edward Elgar.

Reserve Bank of Australia (RBA) 2011, . Web.

The Treasury 2012, Rebuilding after the floods. Web.

The World Bank 2012, Economic Policy & External Debt. Web.

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