The Australian economy advanced a seasonally adjusted 0.2 percent in the December quarter of 2018, slowing from a 0.3 percent expansion in the previous period and missing market consensus of 0.3 percent. It was the weakest growth rate since the third quarter of 2016 as dwelling investment contracted and private consumption grew only modestly. Through the year to the fourth quarter, the economy expanded 2.3 percent, the slowest pace since the June quarter of 2017, after a downwardly revised 2.7 percent growth in the previous period and below market forecasts of 2.5 percent. GDP Growth Rate in Australia averaged 0.85 percent from 1959 until 2018, reaching an all time high of 4.40 percent in the first quarter of 1976 and a record low of -2 percent in the second quarter of 1974.
GDP Growth Rate in Australia is expected to be 0.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Australia to stand at 0.80 in 12 months time. In the long-term, the Australia GDP Growth Rate is projected to trend around 0.80 percent in 2020, according to our econometric models.