The Australian economy shrank 7% on quarter in the three months to June 2020, following a 0.3% drop in the prior period and worse than market consensus of a 5.9% fall. It was the second consecutive quarterly contraction and the sharpest on record, entering the first recession in 30 years as the COVID-19 crisis took a huge toll on the economy. Household consumption slumped (-12.1% vs -1.2% in Q1) and gross fixed capital formation shrink at the steepest rate since Q4 2000 (-4.9% vs -0.5%). Also, inventories fell AUD 4,085 million following a $1,261 million drop in Q1, led by trade and manufacturing. In contrast, government spending grew the most since Q4 1995 (2.9% vs 2.1%), in response to the virus shocks. Exports declined (-6.7% vs -4.4%), while imports fell faster (-12.9% vs -6.7%). On the production side, most sectors contracted except mining, financial & insurance, public administration and education. Through the year to Q2, the economy shrank 6.3%, after a 0.3% drop in Q1. source: Australian Bureau of Statistics

GDP Growth Rate in Australia averaged 0.81 percent from 1959 until 2020, 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 November of 2020.

GDP Growth Rate in Australia is expected to be 2.00 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 0.70 in 12 months time. In the long-term, the Australia GDP Growth Rate is projected to trend around 0.90 percent in 2021 and 0.80 percent in 2022, according to our econometric models.

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Australia GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-7.00 -0.30 4.40 -7.00 1959 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2019-12-04 12:30 AM Q3 0.4% 0.6% 0.5% 0.6%
2020-03-04 12:30 AM Q4 0.5% 0.6% 0.3% 0.4%
2020-06-03 01:30 AM Q1 -0.3% 0.5% -0.3% -0.5%
2020-09-02 01:30 AM Q2 -7% -0.3% -5.9% -6.2%
2020-12-02 12:30 AM Q3 -7% 2.5% 2.4%
2021-03-04 12:30 AM Q4
2021-06-03 01:30 AM Q1
2021-09-02 01:30 AM Q2
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Australia Economy Enters Recession
The Australian economy shrank 7% on quarter in the three months to June 2020, following a 0.3% drop in the prior period and worse than market consensus of a 5.9% fall. It was the second consecutive quarterly contraction and the sharpest on record, entering the first recession in 30 years as the COVID-19 crisis took a huge toll on the economy. Household consumption slumped (-12.1% vs -1.2% in Q1) and gross fixed capital formation shrink at the steepest rate since Q4 2000 (-4.9% vs -0.5%). Also, inventories fell AUD 4,085 million following a $1,261 million drop in Q1, led by trade and manufacturing. In contrast, government spending grew the most since Q4 1995 (2.9% vs 2.1%), in response to the virus shocks. Exports declined (-6.7% vs -4.4%), while imports fell faster (-12.9% vs -6.7%). On the production side, most sectors contracted except mining, financial & insurance, public administration and education. Through the year to Q2, the economy shrank 6.3%, after a 0.3% drop in Q1.
2020-09-02
Australian Economy Shrinks for First Time in 9 Years
The Australian economy shrank 0.3% on quarter in the first three months of 2020, after a 0.5% growth in the prior period and in line with market consensus. It was the first contraction since Q1 2011, as the economy was hit by bushfires, drought and the coronavirus pandemic. Household consumption fell for the 1st time since Q4 2008 (-1.1% vs 0.5% in Q4 2019) and gross fixed capital formation continued to shrink (-0.8% vs -1.2%). Inventories fell AUD 909 million driven by manufacturing, retail and wholesale inventories. In contrast, government spending grew 1.8%, faster than a 0.9% expansion, in response to the bushfires and the covid-19. Exports declined 3.5% (vs -0.2% in Q4), while imports fell at a faster 6.2% (vs 0.1% in Q4). On the production side, most sectors contracted except manufacturing, wholesale and retail trade, information & telecommunications and financial & insurance. Through the year to Q1, the economy grew 1.4%, after a 2.2% expansion in Q4.
2020-06-03
Australia Q4 GDP Growth Beats Estimates
The Australian economy grew 0.5 percent in the fourth quarter of 2019, easing from an upwardly revised 0.6 percent growth in the prior period but beating market forecasts of a 0.3 percent expansion. Government spending slowed (0.7% vs 1.1% in Q3); and gross fixed capital formation fell (-1% vs 0.6%) as both private and public investment declined. Meanwhile, household consumption grew further (0.4% vs 0.1%); and inventories rose AUD 118 million driven by mining and rebounding from a decrease of AUD 743 million. Exports were flat (vs 0.5% in Q3); while imports fell 0.5% (vs -0.3% in Q3). On the production side, most sectors grew except construction; wholesale trade; administrative support & services; and arts & recreation. Through the year to Q4, the economy grew 2.2%, after an upwardly revised 1.8% expansion in Q3.
2020-03-04
Australia Q3 GDP Growth Below Estimates
The Australian economy advanced a seasonally adjusted 0.4 percent in the September quarter of 2019, slowing from an upwardly revised 0.6 percent growth in the previous period and missing market expectations of a 0.5 percent expansion. Government spending eased and household consumption expanded at its weakest pace since the global financial crisis. Through the year to the third quarter, the economy grew 1.7 percent, following an upwardly revised 1.6 percent expansion in the June quarter.
2019-12-04

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).