The Australian economy advanced a seasonally adjusted 0.5 percent in the June quarter of 2019, the same pace as an upwardly revised figure in the previous period and in line with market expectations. Positive contribution from net exports and a faster rise in government spending on the back of a subdued household consumption offset a slump in dwelling investment. Through the year to the second quarter, the economy expanded 1.4 percent, the weakest growth rate since the Global Financial Crisis, after a downwardly revised 1.7 percent expansion in the first quarter of the year. 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 0.70 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 0.50 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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Forecast Data Chart
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Calendar GMT Actual Previous Consensus TEForecast
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%
2019-09-04 01:30 AM GDP Growth Rate QoQ Q2 0.5% 0.5% 0.5% 0.5%
2019-12-04 12:30 AM GDP Growth Rate QoQ Q3 0.5% 0.7%



Australia Q2 GDP Growth Matches Estimetes

The Australian economy advanced a seasonally adjusted 0.5 percent in the June quarter of 2019, the same pace as an upwardly revised figure in the previous period and in line with market expectations. Positive contribution from net exports and a faster rise in government spending on the back of a subdued household consumption offset a slump in dwelling investment.

Government spending rose 2.7 percent in the second quarter (vs 0.9 percent in Q1), led by national defence (2 percent), national non-defense (3 percent), national government consumption (2.8 percent) and state and local government consumption (2.5 percent). 

Household consumption grew by 0.4 percent (vs 0.3 percent in Q1), mainly supported by rises in spending for hotels, cafes and restaurants (0.9 percent), recreation and culture (0.5 percent), and insurance and other financial services (0.4 percent).

Gross fixed capital formation shrank 1.7 percent, after contracting 1 percent in the first three months of the year, as private investment dropped further (-1.6 percent vs -1.3 percent) driven by steeper falls in non-dwelling construction (-5.9 percent vs 0.7 percent) and dwellings (-4.4 percent vs -2.2 percent). Also, public investment went down 2.3 percent (vs 0.1 percent in Q1), dragged down by state and local general government (-4.1 percent vs 1.9 percent).

Total inventories dropped AUD 1,982 million following a rise of AUD 559 million in the prior period, driven by a run down in public authorities, wholesale trade and retail trade inventories.

Exports of goods and services advanced 1.4 percent (vs 1.9 percent in Q1), boosted by sales of goods (1.7 percent), of which non-rural goods (4.0 percent), particularly other mineral fuels (10.9 percent), which was partially offset by rural goods (-4.3 percent). Sales of services  rose 0.4 percent, led by travel services (1.7 percent). Imports of goods and services fell 1.3 percent (vs -0.2 percent in Q4), mainly weighed down by lower purchases of consumption goods (-2.9 percent), intermediate (-1.4 percent) and capital goods (-0.5 percent). Imports of services declined 0.9 percent, mainly due to travel services (-1.0 percent).

On the production side, output increased further in mining (3.4 percent vs 1.1 percent); information media and telecommunications (1.2 percent vs 0.8 percent); and health care and social assistance (1.5 percent vs 1.2 percent). Meanwhile, growth slowed in financial and insurance services (0.2 percent vs 1 percent); professional, scientific and technical services (1.5 percent vs 2.1 percent); and administrative and support services (0.8 percent vs 2.3 percent). Additionally, output contracted in agriculture, forestry and fishing (-2.1 percent vs 0.3 percent in Q1); manufacturing (-1.4 percent vs 0.1 percent); electricity, gas, water and waste services (-0.3 percent vs 0.6 percent); wholesale trade (-1.4 percent vs 1 percent); and transport, postal and warehousing (-0.3 percent vs flat reading). Also, the construction sector shrank 1.4 percent, faster than a 0.9 percent contraction in the prior period.  

Through the year to the second quarter, the economy advanced by 1.4 percent, the weakest growth rate since the Global Financial Crisis, after a downwardly revised 1.7 percent expansion in the March quarter.



ABS l Rida Husna | rida@tradingeconomics.com
9/4/2019 9:46:58 AM



Australia GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.50 0.50 4.40 -2.00 percent [+]
GDP Annual Growth Rate 1.40 1.70 9.00 -3.40 percent [+]
GDP 1432.20 1330.80 1576.20 18.60 USD Billion [+]
GDP Constant Prices 465885.00 463653.00 465885.00 62496.00 AUD Million [+]
Gross National Product 464323.00 458794.00 464323.00 56544.00 AUD Million [+]
Gross Fixed Capital Formation 107275.00 109183.00 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 10618.00 10847.00 12517.00 3997.00 AUD Million [+]
GDP From Construction 33319.00 33781.00 36761.00 8476.00 AUD Million [+]
GDP From Manufacturing 25618.00 25986.00 30041.00 15947.00 AUD Million [+]
GDP From Mining 37875.00 36624.00 37875.00 5144.00 AUD Million [+]
GDP From Public Administration 24676.00 24231.00 24676.00 7902.00 AUD Million [+]
GDP From Utilities 11176.00 11210.00 11280.00 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 September of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
0.50 0.50 4.40 -2.00 1959 - 2019 percent Quarterly




Country Last Previous
Indonesia 4.20 Jun/19
South Africa 3.10 Jun/19
United States 2.00 Jun/19
China 1.60 Jun/19
Turkey 1.20 Jun/19
India 1.00 Jun/19
South Korea 1.00 Jun/19
Canada 0.90 Jun/19
Australia 0.50 Jun/19
Netherlands 0.50 Jun/19
Spain 0.50 Jun/19
Brazil 0.40 Jun/19
France 0.30 Jun/19
Japan 0.30 Jun/19
Switzerland 0.30 Jun/19
Euro Area 0.20 Jun/19
Italy 0.00 Jun/19
Mexico 0.00 Jun/19
Saudi Arabia 0.00 Mar/19
Germany -0.10 Jun/19
United Kingdom -0.20 Jun/19
Argentina -0.30 Jun/19
Russia -0.40 Mar/19
Singapore -3.30 Jun/19


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