Australia has become the 12th largest economy, after IMF data revealed the country has overtaken Spain in economic output.

 

According to the International Monetary Fund’s World Economic Outlook, Australia’s GDP has moved up 3 places to finish at 12th largest economy in the world.

 

“As a country with the world's 51st largest population, this is a remarkable achievement, and demonstrates the Australian community's hard work and resilience, as well as the Government's sound economic management, during a time of global economic upheaval,” Treasurer Wayne Swan said.

 

Since 2007, the Australian economy has surpassed the economies of South Korea, Mexico and now Spain.

 

“These are three very different economies from three very different parts of the world, further highlighting the exceptional performance of our economy,” Mr Swan said.

 

“Australia's impressive performance is also the result of decades of reforms such as floating the dollar, bringing down the tariff wall, abolishing centralised wage fixing, and introducing compulsory superannuation.”