The Australian economy expanded 0.2% qoq in Q1 of 2023, below market forecasts of a 0.3% increase, and after an upwardly revised 0.6% rise in Q4. This was the sixth consecutive period of economic growth but the softest pace in the sequence, as household consumption rose the least in six quarters (0.2%% vs 0.3% in Q4) due to persistent cost pressures and elevated interest rates. The household savings ratio fell to 3.7%, the lowest since Q2 of 2008, from the prior 4.5%. Also, government spending growth slowed sharply (0.1% vs 0.6%), while net trade contributed negatively as exports (1.1%) increased less than imports (3.2%). Meanwhile, private investment rose (1.4% vs -0.9%), supported by machinery and equipment, non-dwelling & dwelling, and intellectual property products. Public investment gained (3.0% vs -1.2%), due to rises in state and local govt, state and local corporations, and non-defense. Through the year, the economy grew by 2.3%, slowing from a 2.7% gain in Q4. source: Australian Bureau of Statistics

GDP Growth Rate in Australia averaged 0.83 percent from 1959 until 2023, reaching an all time high of 4.40 percent in the first quarter of 1976 and a record low of -6.70 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 August of 2023.

GDP Growth Rate in Australia is expected to be 0.10 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 0.50 percent in 2024 and 0.60 percent in 2025, according to our econometric models.

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Australia GDP Growth Rate



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-03-01 12:30 AM Q4 0.5% 0.7% 0.8% 0.7%
2023-06-07 01:30 AM Q1 0.2% 0.6% 0.3% 0.3%
2023-09-06 01:30 AM Q2 0.2% 0.2%


Related Last Previous Unit Reference
GDP Growth Rate 0.20 0.60 percent Mar 2023
GDP Annual Growth Rate 2.30 2.70 percent Mar 2023
GDP Constant Prices 557113.00 555817.00 AUD Million Mar 2023
Gross National Product 548794.00 544486.00 AUD Million Mar 2023
Gross Fixed Capital Formation 125700.00 123532.00 AUD Million Mar 2023
GDP from Utilities 11708.00 11535.00 AUD Million Mar 2023
GDP from Public Administration 28806.00 28567.00 AUD Million Mar 2023
GDP from Mining 58052.00 58249.00 AUD Million Mar 2023
GDP from Manufacturing 29581.00 28895.00 AUD Million Mar 2023
GDP from Construction 39422.00 39360.00 AUD Million Mar 2023
GDP from Agriculture 14232.00 14254.00 AUD Million Mar 2023

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).
Actual Previous Highest Lowest Dates Unit Frequency
0.20 0.60 4.40 -6.70 1959 - 2023 percent Quarterly

News Stream
Australia Q1 GDP Growth Weakest in 1-1/2 Years
The Australian economy expanded 0.2% qoq in Q1 of 2023, below market forecasts of a 0.3% increase, and after an upwardly revised 0.6% rise in Q4. This was the sixth consecutive period of economic growth but the softest pace in the sequence, as household consumption rose the least in six quarters (0.2%% vs 0.3% in Q4) due to persistent cost pressures and elevated interest rates. The household savings ratio fell to 3.7%, the lowest since Q2 of 2008, from the prior 4.5%. Also, government spending growth slowed sharply (0.1% vs 0.6%), while net trade contributed negatively as exports (1.1%) increased less than imports (3.2%). Meanwhile, private investment rose (1.4% vs -0.9%), supported by machinery and equipment, non-dwelling & dwelling, and intellectual property products. Public investment gained (3.0% vs -1.2%), due to rises in state and local govt, state and local corporations, and non-defense. Through the year, the economy grew by 2.3%, slowing from a 2.7% gain in Q4.
2023-06-07
Australia Q4 GDP Growth Below Forecasts
The Australian economy expanded 0.5% qoq in Q4 of 2022, less than market forecasts of a 0.8% increase, and after an upwardly revised 0.7% rise in Q3. This was the fifth consecutive period of economic growth but the softest pace in the sequence, as household consumption advanced the least in five quarters (0.3%% vs 1.0% in Q3) due to intense cost pressures and elevated interest rates. The household savings ratio fell to 4.5%, the lowest since Q3 of 2017, from the previous 7.1%. Meanwhile, private investment decreased (-1.7% vs 1.2%), dragged by non-dwelling & dwelling, ownership transfer costs, and machinery & equipment. Also, public investment declined (-0.7% vs -3.5%), even though levels of investment remained high. Government spending rose further (0.6% vs 0.2%), and net external demand contributed positively, as exports added 1.1% while imports lost 4.3%. For 2022, the economy grew by 2.7%, much slower than the 5.9% figure in 2021.
2023-03-01
Australia Q3 GDP Growth Below Estimates
The Australian economy expanded 0.6% qoq in Q3 of 2022, compared with market forecasts of 0.7% and after a 0.9% rise in Q2. This was the fourth straight quarter of growth in the economy but the softest rise in the sequence, as household consumption grew the least in a year amid intense cost pressures and rising interest rates (1.1% vs 2.1% in Q2). Wednesday’s release also showed household savings ratio fell to 6.9% in Q3 from 8.3% in Q2, despite a large rise in compensation of employees. Meantime, government spending rose slightly after falling previously (0.1% vs -0.6%); while private investment bounced back (0.8% vs -0.9%), buoyed by activities in both dwelling (1%) and non-dwelling (8.6%) and despite drops in ownership transfer costs (-11.2%) and machinery and equipment (-2.7%). Net external demand was a drag on the GDP as commodity prices fell, with imports growing 3.9%, while exports rose at a slower 2.7%. On a yearly basis, the economy advanced 5.9%, less than consensus of 6.2%.
2022-12-07