The Australian economy advanced a seasonally adjusted 0.2 percent in the December quarter of 2018, slowing from a 0.3 percent expansion in the previous period and missing market consensus of 0.3 percent. It was the weakest growth rate since the third quarter of 2016 as dwelling investment contracted and private consumption grew only modestly. Through the year to the fourth quarter, the economy expanded 2.3 percent, the slowest pace since the June quarter of 2017, after a downwardly revised 2.7 percent growth in the previous period and below market forecasts of 2.5 percent. GDP Growth Rate in Australia averaged 0.85 percent from 1959 until 2018, 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 0.70 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 0.80 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
2018-06-06 01:30 AM GDP Growth Rate QoQ 1% 0.5% 0.9% 0.6%
2018-09-05 01:30 AM GDP Growth Rate QoQ 0.9% 1.1% 0.7% 0.7%
2018-12-05 12:30 AM GDP Growth Rate QoQ 0.3% 0.9% 0.6% 0.7%
2019-03-06 12:30 AM GDP Growth Rate QoQ 0.2% 0.3% 0.3% 0.6%
2019-06-05 01:30 AM GDP Growth Rate QoQ 0.2% 0.3% 0.5%
2019-09-05 01:30 AM GDP Growth Rate QoQ 0.7%
2019-12-05 12:30 AM GDP Growth Rate QoQ



Australia GDP Growth at Over 2-Year Low in Q4

The Australian economy advanced a seasonally adjusted 0.2 percent in the December quarter of 2018, slowing from a 0.3 percent expansion in the previous period and missing market consensus of 0.3 percent. It was the weakest growth rate since the third quarter of 2016, mainly due to a contraction in dwelling investment and a modest expansion in private consumption.

Household spending increased 0.4 percent (vs 0.3 percent in Q3), driven by rises in health (1.9 percent), and clothing and footwear (2.2 percent), while there were falls in electricity, gas and other fuel (-2.4 percent), furnishings and household equipment (-0.8 percent), and purchase of vehicles (-1.5 percent). Meantime, government spending rose 1.8 percent (vs 1.2 percent in Q3), led by national non-defense (4.2 percent) and state and local government consumption (1.1 percent).

Gross fixed capital formation shrank 1 percent (vs 0.6 percent in Q3), due to private investment (-1.3 percent) as dwellings (-3.4 percent) and ownership transfer costs (-6.6 percent) dropped, while there were gains in intellectual property products (1.8 percent) and new engineering construction (1.0 percent). Meanwhile, public investment increased 0.3 percent, driven by state and local general government (6.3 percent).

Total inventories went up AUD 685 million following a decline of AUD 9 million in Q3. The rise was driven by a build up in public authorities inventories. 

Exports of goods and services fell by 0.7 percent (vs -0.1 percent in Q3). Sales of goods dropped 0.9 percent, with rural goods exports falling 5.6 percent while non-rural goods exports advanced 2.7 percent. Sales of services went up 1 percent. Imports of goods and services grew by 0.1 percent (vs -1 percent in Q3). Purchases of goods rose 0.3 percent, driven by intermediate (1.4 percent) and consumption goods (0.7 percent) partially offset by a fall in imports of capital goods (-0.3 percent). Imports of services decreased 0.4 percent.

By industry, a slowdown was seen in financial and insurance services (0.3 percent vs 0.8 percent in Q3); administrative and support services (0.1 percent vs 1.9 percent); and health care and social assistance industry (2.3 percent vs 2.8 percent). Also, output shrank in rental, hiring & real estate services (-0.6 percent vs 1.7 percent), of which rental and hiring services (-2 percent) and property operators and real estate services (-0.3 percent); and professional, scientific and technical services (-1.5 percent vs 1.2 percent), the first contraction in over three years, due to weakness in computer system design and related services (-2 percent) and other professional, scientific and technical services (-1.4 percent). In addition, agriculture, forestry and fishing contracted a further 3.2 percent, after shrinking 3.0 percent in the previous quarter, due to grains, livestock and other crops; and manufacturing output dropped 1.2 percent (vs -0.8 percent in Q3), namely food, beverage and tobacco products (-1.9 percent) and metal products (-1.8 percent). On the other hand, mining indutry grew 1.2 percent (vs -0.4 percent in Q3), driven by oil and gas extraction (7.7 percent), which recording its fourth consecutive increase as additional gas facilities commenced production. Additionally, output rebounded in information, media and telecommunications (2.5 percent vs -1.6 percent), led by telecommunications services (2.5 percent) and other information and media services (2.5 percent) and construction contracted less (-1.9 percent vs -2.7 percent).

Through the year to the fourth quarter, the economy expanded 2.3 percent, the weakest pace of expansion since Q2 2017, after a downwardly revised 2.7 percent growth in Q3 and below expectations of 2.5 percent.


ABS l Rida Husna | rida@tradingeconomics.com
3/6/2019 12:29:14 PM


News

Australia Q3 GDP Growth Weakest in 2 Years
The Australian economy grew a seasonally adjusted 0.3 percent in the September quarter of 2018, slowing sharply from a 0.9 percent expansion in the previous period and missing market consensus of a 0.6 percent advance. This was the weakest pace of expansion since a contraction seen in the third quarter of 2016, mainly due to a sharp slowdown in private consumption and a pull-back in non-residential construction.
Published on 2018-12-05

Australia Q2 GDP Growth Stronger than Expected
The Australian economy advanced 0.9 percent in the June quarter of 2018, above market consensus of a 0.7 percent expansion and after an upwardly revised 1.1 percent growth in the previous quarter. Growth was mainly supported by strength in domestic demand and foreign trade while fixed investment was flat.
Published on 2018-09-05

Australia Q1 GDP Growth Beats Estimates
The Australian economy advanced 1 percent in the March quarter of 2018, above market consensus of a 0.9 percent expansion and after an upwardly revised 0.5 percent growth in the previous quarter. It is the highest growth rate since the second quarter 2017, mainly boosted by a rebound in exports.
Published on 2018-06-06

Australia Q4 GDP Growth Below Estimates
The Australian economy advanced 0.4 percent in the December quarter of 2017, less than market consensus of a 0.6 percent expansion and after an upwardly revised 0.7 percent growth in the previous quarter. It was the weakest growth rate since a contraction in the September quarter 2016, as positive contributions mainly came from final consumption expenditure while non-dwelling construction and net trade had a downward effect.
Published on 2018-03-07



Australia GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.20 0.30 4.40 -2.00 percent [+]
GDP Annual Growth Rate 2.30 2.70 9.00 -3.40 percent [+]
GDP 1323.42 1208.00 1573.70 18.60 USD Billion [+]
GDP Constant Prices 461547.00 460729.00 461547.00 62496.00 AUD Million [+]
Gross National Product 453201.00 448330.00 453201.00 56544.00 AUD Million [+]
Gross Fixed Capital Formation 110681.00 111795.00 116855.00 9984.00 AUD Million [+]
GDP per capita 55925.93 55731.50 55925.93 19254.58 USD [+]
GDP per capita PPP 44648.71 44493.50 44648.71 27969.10 USD [+]
GDP From Agriculture 10698.00 11057.00 12500.00 3997.00 AUD Million [+]
GDP From Construction 34105.00 34776.00 36785.00 8476.00 AUD Million [+]
GDP From Manufacturing 25824.00 26139.00 30040.00 15947.00 AUD Million [+]
GDP From Mining 36287.00 35864.00 36287.00 5144.00 AUD Million [+]
GDP From Public Administration 24447.00 23874.00 24447.00 7902.00 AUD Million [+]
GDP From Utilities 11122.00 11287.00 11287.00 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 May of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.20 0.30 4.40 -2.00 1959 - 2018 percent Quarterly




Country Last Previous
Singapore 3.80 Mar/19
United States 3.20 Mar/19
India 1.60 Dec/18
China 1.40 Mar/19
South Africa 1.40 Dec/18
Saudi Arabia 1.07 Dec/18
Russia 0.80 Dec/18
Spain 0.70 Mar/19
Japan 0.50 Mar/19
Netherlands 0.50 Mar/19
United Kingdom 0.50 Mar/19
Euro Area 0.40 Mar/19
Germany 0.40 Mar/19
France 0.30 Mar/19
Australia 0.20 Dec/18
Italy 0.20 Mar/19
Switzerland 0.20 Dec/18
Brazil 0.10 Dec/18
Canada 0.10 Dec/18
Mexico -0.20 Mar/19
South Korea -0.30 Mar/19
Indonesia -0.52 Mar/19
Argentina -1.20 Dec/18
Turkey -2.40 Dec/18


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