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 |