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. source: Australian Bureau of Statistics
GDP Growth Rate in Australia averaged 0.84 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 -7 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 September of 2021.
GDP Growth Rate in Australia is expected to be -2.30 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 0.90 percent in 2022 and 0.80 percent in 2023, according to our econometric models.