The Australian economy shrank 0.3% on quarter in the first three months of 2020, after a 0.5% growth in the prior period and in line with market consensus. It was the first contraction since Q1 2011, as the economy was hit by bushfires, drought and the coronavirus pandemic. Household consumption fell for the 1st time since Q4 2008 (-1.1% vs 0.5% in Q4 2019) and gross fixed capital formation continued to shrink (-0.8% vs -1.2%). Inventories fell AUD 909 million driven by manufacturing, retail and wholesale inventories. In contrast, government spending grew 1.8%, faster than a 0.9% expansion, in response to the bushfires and the covid-19. Exports declined 3.5% (vs -0.2% in Q4), while imports fell at a faster 6.2% (vs 0.1% in Q4). On the production side, most sectors contracted except manufacturing, wholesale and retail trade, information & telecommunications and financial & insurance. Through the year to Q1, the economy grew 1.4%, after a 2.2% expansion in Q4.
GDP Growth Rate in Australia averaged 0.85 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 -2 percent in the second quarter of 1974. 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 2020. source: Australian Bureau of Statistics
GDP Growth Rate in Australia is expected to be 1.40 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 0.60 in 12 months time. In the long-term, the Australia GDP Growth Rate is projected to trend around 0.90 percent in 2021 and 0.80 percent in 2022, according to our econometric models.