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Answer: GDP and economic growth in Australia in last 5 years Gross domestic product (GDP) is one of the major indicators that are used to measure the health of the economy of the country. It reflects that total value of all the goods and services that are produced in a specific period of time. There are generally two types of GDP one is nominal GDP and other is real GDP. The nominal GDP define the country’s economic output without any a...Read More
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Answer: The following Gross Domestic Product analysis and economic growth is shown below over the last five years under various industries in Australia. Australian economy is among the fastest growing economy globally compared to other nations (Burdack, 2014, p. 133). By the year 2016 and over the last five years, the growth rate of Australian economy continued to show an improvement annually (Perth, 2012, p. 214). The increase and development...Read More
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