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. source: Australian Bureau of Statistics
GDP Growth Rate in Australia averaged 0.83 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 May of 2021.
GDP Growth Rate in Australia is expected to be 0.70 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 2022 and 0.80 percent in 2023, according to our econometric models.