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.

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Australia GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
0.70 1.80 4.40 -7.00 1959 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-12-02 12:30 AM Q3 3.3% -7% 2.6% 2.4%
2021-03-03 12:30 AM Q4 3.1% 3.4% 2.5% 2.2%
2021-06-02 01:30 AM Q1 1.8% 3.2% 1.5% 1.5%
2021-09-01 01:30 AM Q2 0.7% 1.9% 0.5% 0.7%
2021-12-02 12:30 AM Q3 -2.3%


News Stream
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
Australia Q1 GDP Growth Recoups Pandemic Losses
The Australian economy advanced 1.8% qoq in the three months to March 2021, after an upwardly revised 3.2% growth in the previous period and beating market expectations of 1.5%. This was the third straight quarter of expansion, amid continued monetary and fiscal stimulus. Household consumption grew further (1.2% vs 4.5% in Q4), mainly driven by spending on hotels, cafes and restaurants, recreation and culture, other goods and services, and vehicles. Meantime, private investment growth accelerated (5.3% vs 3.8%), with machinery and equipment investment recording its strongest quarterly rise since Q4 2009, on the sustained improvement in business confidence and support from Government tax incentives. Net external demand contributed negatively to the GDP as exports rose less than imports. On a yearly basis, the economy grew by 1.1%, above pre-pandemic levels, after a downwardly revised 1% fall in the fourth quarter.
2021-06-02
Australia Q4 GDP Growth Beats Forecasts
The Australian economy advanced 3.1 percent on quarter in the three months of December 2020, following an upwardly revised 3.4 percent growth in the previous period and beating market expectations of 2.5 percent. This was the first time in the more than 60 years that GDP has grown by more than 3 percent in two straight quarters on the back of massive monetary and fiscal stimulus. Household consumption rose 4.3 percent, boosted by spending on goods such as vehicles and that on services including recreation and culture, hotels, cafes and restaurants and health. Also, private investment advanced 3.9 percent boosted by rises across both housing and business investment with improved conditions which coincided with government initiatives, such as HomeBuilder and the expanded instant asset write-off. Net external demand contributed negatively to the GDP as exports rose less than imports. Year-on-year, the economy shrank 1.1 percent, suggesting policy support will still be needed.
2021-03-03
Australian Economy Exits Recession
The Australian economy advanced 3.3 percent on quarter in the three months to September 2020, partially recovering from a record 7 percent contraction in the prior period and easily beating market consensus of a 2.6 percent growth. This was the steepest period of expansion since the March quarter of 1976, as the economic activity resumed following an easing of social distancing measures and trading restrictions across most states and territories. Household consumption grew by a record 7.9 percent, due to increased spending on both goods and services; and government consumption advanced 1.4 percent, the ninth consecutive rise, driven by increased social benefits to households. Meanwhile, private investment fell 0.2 percent on weaker business investment; and net external demand contributed negatively to the GDP amid a fall in exports. Through the year to the September quarter, the economy shrank 3.8 percent, after a 6.4 percent contraction in the June quarter.
2020-12-02

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).