Australia's economy shrank 6.3 percent year-on-year in the second quarter of 2020, following an upwardly revised 1.6 percent expansion in the previous period and compared with market expectations of a 5.2 percent decline. It was the sharpest contraction on record as the coronavirus pandemic hit the economy.

GDP Annual Growth Rate in Australia averaged 3.38 percent from 1960 until 2020, reaching an all time high of 9 percent in the first quarter of 1967 and a record low of -6.30 percent in the second quarter of 2020. This page provides - Australia GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2020. source: Australian Bureau of Statistics

GDP Annual Growth Rate in Australia is expected to be -6.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Australia to stand at 5.30 in 12 months time. In the long-term, the Australia GDP Annual Growth Rate is projected to trend around 2.30 percent in 2021 and 2.50 percent in 2022, according to our econometric models.

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Australia GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-6.30 1.60 9.00 -6.30 1960 - 2020 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2019-12-04 12:30 AM Q3 1.7% 1.6% 1.7% 1.6%
2020-03-04 12:30 AM Q4 2.2% 1.8% 1.9% 1.9%
2020-06-03 01:30 AM Q1 1.4% 2.2% 1.4% 1.2%
2020-09-02 01:30 AM Q2 -6.3% 1.6% -5.2% -5.5%
2020-12-02 12:30 AM Q3 -6.3% -6%

Australia GDP Annual 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). .