We like to think of Australia as global leader in mining and commodities, and the country’s economy is booming with plummeting unemployment partially thanks to rabid commodities demand from emerging markets such as China.
However, what’s interesting is that as a % of GDP, Finance and Insurance has become a larger industry than Mining in Australia, according to this graphic from Goldman Sachs below. Finance and Insurance is also larger than manufacturing, which is just 10% of GDP.
All in all, booming Australia looks to like it has a pretty nicely diversified economy these days.
(Via Goldman Sachs, Charting Australia, Tim Toohey, October 2010)