The Australian economy advanced 0.8% qoq in Q1 of 2022, exceeding market forecasts of 0.5% and after an upwardly revised 3.6% rise in Q4. This was the second straight quarter of expansion following a contraction in Q3, when economic activity was affected by the Delta outbreak. Household consumption continued to grow (1.5% vs 6.4% in Q4), amid rises across a number of discretionary categories such as transport services, hotels, restaurants, and recreation. Government spending accelerated (2.7% vs 0.4%), while private investment rose after falling in Q4, led by machinery and equipment as well as intellectual property products. However, net external demand contributed negatively, with exports falling 0.9%, mainly due to mineral ores; while imports jumped 8.1%, driven by processed industrial supplies, non-industrial transport equipment, and consumption and capital goods. On a yearly basis, the economy grew 3.3%, after an upwardly revised 4.4% gain in Q4 and topping consensus of 2.9%. source: Australian Bureau of Statistics
GDP Growth Rate in Australia averaged 0.83 percent from 1959 until 2022, 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 July of 2022.
GDP Growth Rate in Australia is expected to be 1.30 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 1.00 percent in 2023 and 0.80 percent in 2024, according to our econometric models.