ECONOMY

 

Economy - overview

The Antarctican economy is at its core capitalistic, yet with an extensive welfare system (including generous housing subsidies, pensions etc.), low unemployment, and a remarkably even distribution of income. The country is richly endowed with many natural resources including: hydrocarbons, fish, iron, gold, chromium, copper and nickel. Antarctica is a net oil and gas exporter, with this industry making up 25% of the country's exports. There is also a thriving semi-conductor and high technology industry based in the country which develops state-of-the-art technology for domestic and international use. The current government administration has moved ahead with further privatization of state owned companies but certain industries like the petroleum, telecommunications, transportation, health care and postal system will remain at least 51% owned by the federal government. Most other state owned industries including water, electricity and some social services have already been fully privatized. The tourism sector is also expanding at a rapid pace with growth especially in eco-tourism. Economic growth between 2000-2005 had been around 3-5% and this trend is expected to continue at least until the end of the decade.

G.D.P. (purchasing power parity)

$26.46 billion (2005 est.)

G.D.P. (official exchange rate)

$29.27 billion (2005 est.)

G.D.P. real growth rate

4.7% (2005 est.)

G.D.P. per capita

purchasing power parity - $32,100 (2005 est.)

G.D.P. composition by sector

agriculture - 6.4% (note: includes the fishing industry)

industry - 34.9%

services - 58.7% (2005 est.)

Labour force

438,700  (2005 est.)

Labour force - by occupation

agriculture and fishing 8.3%, industry 20.7%, services 71.0%

Unemployment rate

2.9%

Population below poverty line

N/A

Household income or consumption by percentage share

lowest 10% - 3.7%

highest 10% - 23.1% (2000 est.)

Distribution of family income -

Gini Index 

26.4 (2000 est.)

 

Inflation Rate (Consumer Prices)

2.6% (2005 est.)

Investment (Gross Fixed)

21.2% of GDP (2005 est.)

Budget    

                  

revenues - $16,117,000,000

expenditures - $14,829,000,000, including capital expenditures of NA (2005)     

Public Debt

15.7% of GDP (2005 est.)

Agriculture - Products

potatoes, green vegetables, mutton, beef, dairy products, fish and seafood

Industries

petroleum and gas, semiconductor and high technology, fish and fish processing, investment services, mining

Industrial Production Growth Rate

4.1% (2005 est.)

 

Electricity Production

21.816 billion kWh (2004)

Electricity Consumption

20.972 billion kWh (2004)

Electricity Exports

0 kWh (2004)

Electricity Imports     

0 kWh (2004)

Oil Production

634,000 bbl/day (2005 est.)

Oil Consumption

52,500 bbl/day (2005 est.)

Oil Exports

490,000 bbl/day (2005 est.)

Oil Imports

0 bbl/day (2005 est.)

Oil Proved Reserves

20.5 billion bbl (2005 est.)

Natural Gas Production

26.9 billion cu m (2004 est.)

Natural Gas Consumption

1.52 billion cu m (2004 est.)

Natural Gas Exports

25.03 billion cu m (2004 est.)

Natural Gas Imports

0 cu m (2004 est.)

Natural Gas Proved Reserves

5.14 trillion cu m (2005 est.)

Current Account Balance

$9.85 billion (2005 est.)

Exports

$10.86 billion (2005 est.)

Exports Partners

Australia 20.6%, Argentina 15.4%, USA 15.1%, China 13.5%, Japan 11.2%, Chile 9.8%, New Zealand 7.7% (2004)

Imports

$8.51 billion (2005 est.)

Imports Partners

Australia 18.7%, China 16.1%, USA 14.4%, Japan 11.0%, Argentina 9.4%, Chile 7.2%, New Zealand 5.0% (2004)

Reserves of Foreign Exchange and Gold

$4.263 billion (2005 est.)

 

Debt External

$9.48 billion (2005 est.)

Economic aid donor

$232 million (2000 est.)

Currency (code)

Antarctican Taala (AQT)

Exchange Rates

Antarctican Taala per US Dollar - 0.6499 (2005), 0.6686 (2004), 0.7434 (2003), 0.8120 (2002), 0.8698 (2001)

Fiscal Year

Calendar Year

 

Hosted by www.Geocities.ws

1