The Australian economy advanced a seasonally adjusted 0.4 percent in the March quarter of 2018, accelerating from a 0.2 percent expansion in the previous period but missing market consensus of 0.5 percent. A rise in government spending and a rebound in exports offset a slowdown in household consumption and a decline in fixed investment. Through the year to the first quarter, the economy expanded by 1.8 percent, the weakest growth rate since the Global Financial Crisis, slowing from a 2.3 percent advance in the December quarter. GDP Growth Rate in Australia averaged 0.85 percent from 1959 until 2019, reaching an all time high of 4.40 percent in the first quarter of 1976 and a record low of -2 percent in the second quarter of 1974.

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. Looking forward, we estimate GDP Growth Rate in Australia to stand at 0.30 in 12 months time. In the long-term, the Australia GDP Growth Rate is projected to trend around 0.80 percent in 2020, according to our econometric models.

Australia GDP Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
2018-09-05 01:30 AM GDP Growth Rate QoQ Q2 0.9% 1.1% 0.7% 0.7%
2018-12-05 12:30 AM GDP Growth Rate QoQ Q3 0.3% 0.9% 0.6% 0.7%
2019-03-06 12:30 AM GDP Growth Rate QoQ Q4 0.2% 0.3% 0.3% 0.6%
2019-06-05 01:30 AM GDP Growth Rate QoQ Q1 0.4% 0.2% 0.5% 0.5%
2019-09-05 01:30 AM GDP Growth Rate QoQ Q2 0.4% 0.5%
2019-12-05 12:30 AM GDP Growth Rate QoQ Q3 0.7%



Australia Q1 GDP Growth Below Forecasts

The Australian economy advanced a seasonally adjusted 0.4 percent in the first quarter of 2019, accelerating from a 0.2 percent expansion in the previous period but missing market consensus of 0.5 percent. A rise in government spending and a rebound in exports offset a slowdown in household consumption and a decline in fixed investment.

Government spending rose 0.8 percent (vs 2 percent in Q4), led by national non-defense (2.4 percent), national government consumption (1.4 percent) and state and local government consumption (0.4 percent). Meanwhile, household spending slowed to 0.3 percent from 0.4 percent in the last quarter of 2018, reflecting a reduced spending on recreation and culture (-0.5 percent), hotels, cafes and restaurants (-0.4 percent) and clothing and footwear (-0.6 percent). In contrast, expenditure increased in insurance and other financial services (0.6 percent), health (0.7 percent), electricity, gas and other fuel (1.8 percent) and food (0.3 percent). 

Gross fixed capital formation shrank 0.7 percent (vs -1 percent in Q4), due to private investment (-1 percent) driven by ownership transfer costs (-13.0 percent) reflecting the slowing housing market, while gains were recorded in non-dwelling construction (2.1 percent). On the other hand, public investment grew 0.4 percent, led by state and local general government (3 percent), partially offset by national general government (-4.8 percent) and state and local public corporations (-3.7 percent).

Total inventories went up AUD 460 million following a rise of AUD 1,048 million in the prior period, driven by retail trade and manufacturing inventories. 

Exports of goods and services went up 1 percent (vs -0.5 percent in Q4), as sales of goods advanced 0.7 percent, boosted by rural goods (6.5 percent) which was partially offset by non-rural goods (-2.5 percent) and sales of services increased 2 percent. Imports of goods and services fell 0.1 percent (vs 0.4 pct in Q4), mainly due to lower purchases of services (-1.4 percent). Imports of goods rose 0.3 percent, of which consumption (3 percent) and capital goods (1.2 percent) while intermediate (-2.7 percent).

By industry, output rose faster for wholesale trade (0.9 percent vs 0.8 percent in Q4), financial and insurance services (1.2 percent vs 0.1 percent), administrative & support services (1.7 percent vs 0.4 percent), and other services (1.8 percent vs 0.2 percent). Additionally, output rebound in manufacturing (0.7 percent vs -0.7 percent); and electricity, gas, water and waste services (1.2 percent vs -1.3 percent). Also, output shrank less for agriculture, forestry and fishing (-0.2 percent vs -4.4 percent); construction (-0.9 percent vs -2 percent); accommodation and food services (-0.2 percent vs -0.4 percent); and rental, hiring and real estate (-0.4 percent vs -0.6 percent).Meanwhile, growth eased in mining (0.1 percent vs 1.5 percent); transport, postal and warehousing (0.2 percent vs 1.3 percent); information media and telecommunications (0.7 percent vs 2.4 percent); public administration (0.6 percent vs 2.4 percent); and healthcare and social assistance (1.2 percent vs 2.2 percent). In addition, education advanced 0.5 percent, the same pace as in previous period.

Through the year to the first quarter, the economy advanced by 1.8 percent, the weakest growth rate since the Global Financial Crisis, after a 2.3 percent expansion in the last quarter of 2018.


ABS l Rida Husna | rida@tradingeconomics.com
6/5/2019 11:58:27 AM



Australia GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.40 0.20 4.40 -2.00 percent [+]
GDP Annual Growth Rate 1.80 2.30 8.30 -3.50 percent [+]
GDP 1432.20 1330.80 1576.20 18.60 USD Billion [+]
GDP Constant Prices 463907.00 462032.00 463907.00 62496.00 AUD Million [+]
Gross National Product 458418.00 454294.00 458418.00 56544.00 AUD Million [+]
Gross Fixed Capital Formation 109559.00 110351.00 116849.00 9984.00 AUD Million [+]
GDP per capita 56919.40 56228.80 56919.40 19245.40 USD [+]
GDP per capita PPP 45439.30 44888.00 45439.30 27969.40 USD [+]
GDP From Agriculture 10747.00 10771.00 12675.00 3997.00 AUD Million [+]
GDP From Construction 33733.00 34046.00 36755.00 8476.00 AUD Million [+]
GDP From Manufacturing 26118.00 25942.00 30041.00 15947.00 AUD Million [+]
GDP From Mining 36408.00 36383.00 36408.00 5144.00 AUD Million [+]
GDP From Public Administration 24583.00 24437.00 24583.00 7902.00 AUD Million [+]
GDP From Utilities 11270.00 11137.00 11288.00 3850.00 AUD Million [+]


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). This page provides - Australia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on July of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.40 0.20 4.40 -2.00 1959 - 2019 percent Quarterly




Country Last Previous
United States 3.10 Mar/19
China 1.60 Jun/19
India 1.60 Dec/18
Turkey 1.30 Mar/19
Saudi Arabia 1.07 Dec/18
Spain 0.70 Mar/19
Japan 0.60 Mar/19
Switzerland 0.60 Mar/19
Netherlands 0.50 Mar/19
United Kingdom 0.50 Mar/19
Australia 0.40 Mar/19
Euro Area 0.40 Mar/19
Germany 0.40 Mar/19
France 0.30 Mar/19
Canada 0.10 Mar/19
Italy 0.10 Mar/19
Argentina -0.20 Mar/19
Brazil -0.20 Mar/19
Mexico -0.20 Mar/19
Russia -0.40 Mar/19
South Korea -0.40 Mar/19
Indonesia -0.52 Mar/19
South Africa -3.20 Mar/19
Singapore -3.40 Jun/19


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