The Australian economy expanded 3.4% qoq in Q4, exceeding market forecasts of 3.0% and shifting from a 1.9% fall in Q3. This was the strongest pace of growth since Q3 2020, mainly boosted by a sharp rebound in household spending as the economy emerged from COVID-19 lockdowns. Household consumption bounced back strongly, rising the most in 5 quarters (6.3% vs -4.8% in Q3), buoyed by spending on both goods and services with recreation and culture, cafes & restaurants and clothing experiencing strong rises. Meantime, government spending growth eased sharply (0.1% vs 3.8%); while private investment fell for 1st time in 6 quarters (-1.4% vs 0.7%), amid shortages of labor and construction materials. Also, net external demand contributed negatively, with exports falling 1.5%, due to mining commodities and travel services; while imports dropped 0.9%, driven by consumption and capital goods. On a yearly basis, the economy grew 4.2%, after a 3.9% rise in Q3 and above consensus of 3.7%. source: Australian Bureau of Statistics

GDP Growth Rate in Australia averaged 0.83 percent from 1959 until 2021, reaching an all time high of 4.40 percent in the first quarter of 1976 and a record low of -6.80 percent in the second quarter of 2020. This page provides - Australia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2022.

GDP Growth Rate in Australia is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia GDP Growth Rate is projected to trend around 1.00 percent in 2023 and 0.80 percent in 2024, according to our econometric models.

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Australia GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2021-12-01 12:30 AM Q3 -1.9% 0.7% -2.7% -3%
2022-03-02 12:30 AM Q4 3.4% -1.9% 3% 2.5%
2022-06-01 01:30 AM Q1 3.4% 0.9%


Related Last Previous Unit Reference
GDP Growth Rate 3.40 -1.90 percent Dec 2021
GDP Annual Growth Rate 4.20 3.90 percent Dec 2021
GDP Constant Prices 521931.00 504638.00 AUD Million Dec 2021
Gross National Product 521833.00 514723.00 AUD Million Dec 2021
Gross Fixed Capital Formation 120176.00 122024.00 AUD Million Dec 2021
GDP From Utilities 11684.00 11798.00 AUD Million Dec 2021
GDP From Public Administration 28448.00 27988.00 AUD Million Dec 2021
GDP From Mining 49606.00 50129.00 AUD Million Dec 2021
GDP From Manufacturing 29254.00 28747.00 AUD Million Dec 2021
GDP From Construction 36525.00 35834.00 AUD Million Dec 2021
GDP From Agriculture 14942.00 13706.00 AUD Million Dec 2021

Australia GDP Growth Rate
Australia's economy is dominated by the service sector (65 percent of total GDP). Yet its economic success in recent years has been based on the mining (13.5 percent of GDP) and agriculture (2 percent of GDP) as the country is a major exporter of commodities. Other sectors include: manufacturing (11 percent) and construction (9.5 percent).
Actual Previous Highest Lowest Dates Unit Frequency
3.40 -1.90 4.40 -6.80 1959 - 2021 percent Quarterly

News Stream
Australia Q4 GDP Growth Rate Beats Estimates
The Australian economy expanded 3.4% qoq in Q4, exceeding market forecasts of 3.0% and shifting from a 1.9% fall in Q3. This was the strongest pace of growth since Q3 2020, mainly boosted by a sharp rebound in household spending as the economy emerged from COVID-19 lockdowns. Household consumption bounced back strongly, rising the most in 5 quarters (6.3% vs -4.8% in Q3), buoyed by spending on both goods and services with recreation and culture, cafes & restaurants and clothing experiencing strong rises. Meantime, government spending growth eased sharply (0.1% vs 3.8%); while private investment fell for 1st time in 6 quarters (-1.4% vs 0.7%), amid shortages of labor and construction materials. Also, net external demand contributed negatively, with exports falling 1.5%, due to mining commodities and travel services; while imports dropped 0.9%, driven by consumption and capital goods. On a yearly basis, the economy grew 4.2%, after a 3.9% rise in Q3 and above consensus of 3.7%.
2022-03-02
Australia Q3 GDP Shrinks Less than Expected
The Australian economy shrank 1.9% qoq in Q3, compared with market expectations of 2.7% decline and after a 0.7% growth in Q2. This was the first contraction since Q2 2020, amid prolonged lockdowns across New South Wales, Victoria, and the Australia Capital Territory. Household consumption fell for the first time in five quarters (-4.8% vs 1% in Q2), dragged down by spending on services; while private investment rose the least in a year (0.8% vs 1.9%), due to a sharp slowdown in dwellings investment and a fall in machinery and equipment investment. Meantime, government spending expanded much faster (3.6% vs 1.3%), led by health-related expenditure. Also, net external demand contributed positively, as exports of goods and services rose 1.2%, supported by mining and rural commodities; while imports dropped 4.0% due to persistent global supply constraints and a fall in domestic demand. On a yearly basis, the economy grew 3.9%, after a marginally revised 9.5% growth in Q2.
2021-12-01
Australia Q2 GDP Growth Beats Estimates
The Australian economy advanced 0.7% qoq in Q2 2021, after an upwardly revised 1.9% growth in Q1 and compared with market expectations of 0.5%. This was the weakest pace of expansion in four quarters, but the full impact of the ongoing COVID-19 lockdowns may yet to be felt. Household consumption continued to grow (1.1% vs 1.3% in Q1), driven by spending on services; while government spending rebounded (1.3% vs -0.3%), led by health-related expenditure. Meantime, private investment eased sharply (2% vs 6.2%), on a slowdown in machinery and equipment investment and dwellings investment. Net external demand contributed negatively to the GDP, due to falls in export volumes of mining commodities which reflected disruptions to both coal production and transportation of iron ore to ports. On a yearly basis, the economy grew at a record pace of 9.6%, but only because the pandemic caused a severe contraction in Q2 2020, which was dropping from the calculation.
2021-09-01