AUSTRALIA: THE 3-RD LARGEST LNG EXPORTER
Country Analysis Brief Overview
- Australia, rich in hydrocarbons and uranium, was the world's second-largest coal exporter in 2012 and the third-largest liquefied natural gas (LNG) exporter in 2013.
- Australia's dependence on oil imports has increased to fill the growing gap between domestic consumption and production.
- Australia's overall oil production has declined since 2000, although additions through condensate production and smaller crude oil developments are expected to offset declines in mature fields over the next few years.
- Australian natural gas production has increased sharply over the past decade as a result of new projects.
- Australia has become a leading LNG exporter in the Asia-Pacific region in the past decade. Greater expected natural gas production and new LNG capacity in the next few years is likely to boost natural gas exports even more.
- Australia is the world's second-largest exporter on a weight-basis, and coal ranks as the second-largest export commodity for Australia in terms of revenues. It holds the fourth-largest reserves.
- Although about 87% of Australia's electric generation in 2013 was from fossil fuels, chiefly coal, there is a push for cleaner and more renewable power.
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IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.