Western Australia's economy:

Western Australia's economy:

The economy in Western Australia is currently appears to be weathered by the global financial storms. However, it is a respected economist sees clouds brewing on our horizons.

#: what are the main goods and services produced by the W.A economy.

Western Australia is the biggest output of any of the Australia's state. It has grown faster than Australia as whole, with the (Gross state product) expanding by approximately 4.75% in the 2005 -2006 financial year. It's economy that has been highly based on the extraction and export of mining and petroleum. It is a very strong reliance on the energy and mineral for export income and the economic growth. Western Australia has strong growth in recent years thanks to the downstream
processing of minerals. Of course, this includes iron, alumina, natural gas, nickel and gold. These are the main goods produces by Western Australia. The contribution of the mining, manufacturing, services, construction and agricultural are the major things we are talking here.

The State is depending on the agriculture had fallen progressively in 1999-2000. Agricultural
products are the second biggest contribution to Western Australia export's income including the minerals and energy. Minerals and energy helps dominate the Australia's economy. The services is by far the most important from an employment perspective.

Which regions produce what kinds of goods and services?

· KIMBERLEY-

The place called 'Kimberley' is located in the northern. It is extended from Broome to Kununurra and Lake Argyle. The Kimberley was one of the earliest settled parts in Australia, with lots of of people arrived over many of years ago from "Indonesia". Pearling is a big industry in Broome for many years while mining producing about 1/3 of the world's diamonds. The agriculture centred on the Ord River Irrigation Area and also the tourism. The geology of kimberley is vary and fascinating,because it is producing spectacular scenery.

· PILBARA-

The Pilbara's economy is dominated by industries.For examples: mining and petrolenuem. In Pilbara,lots of iron ore were mined. The iron ore industry employs people from the Pilbara area. The Pilbara also has one of the world's major manganese mines.

· GOLDFIELDS-Esperance

The Goldfields-Esperance is the largest region in Western Australia, with an area of 771,276 km². The region supports the lowest stocking rates in the world. It's climate is usually hot and dry. The economy of the Goldfields is usually based on the extraction and processing of mineral resources. For examples :nickel and gold. The economy is based on agricultural and fishing. Wheat and barley are both widely grown. However, this requires fertilisers because the soils are sandy and it is major threat to the region's plant diversity.

· SOUTHWEST “WHEATBELT”-

The Wheatbelt encompasses range of environments and industries. Near the coast, it receives high rainfall and mild temperature and it is a significant tourist area. In contrast, the eastern fringe is arid, and is mainly used for mining of minerals. This includes gold, nickel and iron ore. The region is also highly agricultured, and it is the source of approximate two thirds of the state's wheat and wool production. The majority is its meat, oranges and honey, cut flowers and a range of other agricultural and pastoral products.

What are the strengths and weaknesses of the economy?

The potential weaknesses of Australia now are the expanding resources sector and also we reliant more and more on the number of key resources exports. The manufacturing sector and industrial base has been shrinking really badly.In 2003-2004, W.A Gross state product was A$89.2billion, which represented 11.3% of Australia’s national economy.

How is W.A's economy changing?

State’s growth comes from business investment, strong demand, on resources sector being ensured from china’s emerging economic might.

The Western Australian's economy is linked to the abundance of the natural resources. This has provided the State with a comparative advantage in resource extraction and processing.

For examples:

• the mining sector is almost1/5 of Western Australia’s economicactivity

• mining processing need more than half the State’s manufacturing output

• the State is a world leader in the production and export of a number of commodities.

STRUCTURE OF THE WESTERN AUSTRALIAN ECONOMY
Mining-23%
Agriculture-4%
Government-4%
Health-6%
Education-3%
Personal and Other-11%
Manufacturing-9%
Construction-6%
Transport and Utilities-8%
Finance and Business Services-14%
Tourism Related-3%
Wholesale/Retail-9%

http://en.wikipedia.org/wiki/Pilbara#Economy