How are the ANZAC economies looking?

Three very different economies share a common war memory. Australia, New Zealand and Turkey are drawn together today in reflection but stand apart in the world of global economics.

While ANZAC day is generally remembered for issues relating to the battle Australian and New Zealand troops had with the Turks at Gallipoli 98 years ago and not for economic reasons, I am using my ANZAC day column to make a few comparisons between the economies today of Turkey, New Zealand and Australia.

I simply outline a range of economic and other indicators as stand-alone facts. There are interesting differences between the three of us.

In terms of per capita GDP in US dollar terms, Australia is miles ahead. According to the most recent IMF data for 2012, per capita GDP is $US10,600 in Turkey, in New Zealand it is $US38,200 while in Australia it is $US67,700.

On this measure, Australia is number six in the world (behind only Luxemburg, Qatar, Norway, Switzerland and San Marino), New Zealand is 25 while Turkey is number 63.

In terms of unemployment, Turkey has the highest unemployment rate at 9.4 per cent versus 6.9 per cent in New Zealand and 5.6 per cent in Australia.

The level of net government debt is 36 per cent of GDP in Turkey, 37 per cent of GDP in New Zealand and 10 per cent of GDP in Australia.

The annual rate of inflation is 7.3 per cent in Turkey, 0.9 per cent in New Zealand and 2.5 per cent in Australia.

Turkey has a credit rating of BB from Standard & Poor's, Ba1 from Moody’s and BBB- from Fitch. New Zealand has a AA rating from S&P, Aaa from Moody’s and AA from Fitch. Australia is AAA from all three agencies (this is shown as Aaa from Moody’s).

In terms of the largest three export markets Turkey relies on Germany, Iraq and the UK; New Zealand’s three largest exports markets are Australia, China and the US; Australia’s top three are China, Japan and the Republic of Korea.

In terms of the largest three import markets Turkey imports most from Russia, Germany and China; New Zealand imports most from Australia, China and the US; Australia imports most from China, the US and Japan.

For carbon dioxide emissions per capita, Turkey emits 4 tonnes per capita, New Zealand 8 tones per capita while Australia emits 17 tonnes per capita.

Life expectancy at birth is 72.8 years in Turkey, 80.7 years in New Zealand and 81.9 years in Australia.

The infant mortality rate is 21.04 deaths per 1,000 live births in Turkey, 5.07 in New Zealand and 4.66 in Australia.

In terms of population, Turkey has close to 75 million people, New Zealand 4.5 million and Australia 23 million.

As they say, just sayin’.

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