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.