The Australian economy advanced 3.1 percent on quarter in the three months of December 2020, following an upwardly revised 3.4 percent growth in the previous period and beating market expectations of 2.5 percent. This was the first time in the more than 60 years that GDP has grown by more than 3 percent in two straight quarters on the back of massive monetary and fiscal stimulus. Household consumption rose 4.3 percent, boosted by spending on goods such as vehicles and that on services including recreation and culture, hotels, cafes and restaurants and health. Also, private investment advanced 3.9 percent boosted by rises across both housing and business investment with improved conditions which coincided with government initiatives, such as HomeBuilder and the expanded instant asset write-off. Net external demand contributed negatively to the GDP as exports rose less than imports. Year-on-year, the economy shrank 1.1 percent, suggesting policy support will still be needed. source: Australian Bureau of Statistics

GDP Growth Rate in Australia averaged 0.83 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 -7 percent in the second quarter of 2020. 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 May of 2021.

GDP Growth Rate in Australia is expected to be 1.50 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 0.90 in 12 months time. In the long-term, the Australia GDP Growth Rate is projected to trend around 0.90 percent in 2022 and 0.80 percent in 2023, according to our econometric models.

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Australia GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
3.10 3.40 4.40 -7.00 1959 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-06-03 01:30 AM Q1 -0.3% 0.5% -0.3% -0.5%
2020-09-02 01:30 AM Q2 -7% -0.3% -5.9% -6.2%
2020-12-02 12:30 AM Q3 3.3% -7% 2.6% 2.4%
2021-03-03 12:30 AM Q4 3.1% 3.4% 2.5% 2.2%
2021-06-03 01:30 AM Q1 3.1% 1.5%
2021-09-02 01:30 AM Q2 0.7%
2021-12-02 12:30 AM Q3 0.8%


News Stream
Australia Q4 GDP Growth Beats Forecasts
The Australian economy advanced 3.1 percent on quarter in the three months of December 2020, following an upwardly revised 3.4 percent growth in the previous period and beating market expectations of 2.5 percent. This was the first time in the more than 60 years that GDP has grown by more than 3 percent in two straight quarters on the back of massive monetary and fiscal stimulus. Household consumption rose 4.3 percent, boosted by spending on goods such as vehicles and that on services including recreation and culture, hotels, cafes and restaurants and health. Also, private investment advanced 3.9 percent boosted by rises across both housing and business investment with improved conditions which coincided with government initiatives, such as HomeBuilder and the expanded instant asset write-off. Net external demand contributed negatively to the GDP as exports rose less than imports. Year-on-year, the economy shrank 1.1 percent, suggesting policy support will still be needed.
2021-03-03
Australian Economy Exits Recession
The Australian economy advanced 3.3 percent on quarter in the three months to September 2020, partially recovering from a record 7 percent contraction in the prior period and easily beating market consensus of a 2.6 percent growth. This was the steepest period of expansion since the March quarter of 1976, as the economic activity resumed following an easing of social distancing measures and trading restrictions across most states and territories. Household consumption grew by a record 7.9 percent, due to increased spending on both goods and services; and government consumption advanced 1.4 percent, the ninth consecutive rise, driven by increased social benefits to households. Meanwhile, private investment fell 0.2 percent on weaker business investment; and net external demand contributed negatively to the GDP amid a fall in exports. Through the year to the September quarter, the economy shrank 3.8 percent, after a 6.4 percent contraction in the June quarter.
2020-12-02
Australia Economy Enters Recession
The Australian economy shrank 7% on quarter in the three months to June 2020, following a 0.3% drop in the prior period and worse than market consensus of a 5.9% fall. It was the second consecutive quarterly contraction and the sharpest on record, entering the first recession in 30 years as the COVID-19 crisis took a huge toll on the economy. Household consumption slumped (-12.1% vs -1.2% in Q1) and gross fixed capital formation shrink at the steepest rate since Q4 2000 (-4.9% vs -0.5%). Also, inventories fell AUD 4,085 million following a $1,261 million drop in Q1, led by trade and manufacturing. In contrast, government spending grew the most since Q4 1995 (2.9% vs 2.1%), in response to the virus shocks. Exports declined (-6.7% vs -4.4%), while imports fell faster (-12.9% vs -6.7%). On the production side, most sectors contracted except mining, financial & insurance, public administration and education. Through the year to Q2, the economy shrank 6.3%, after a 0.3% drop in Q1.
2020-09-02
Australian Economy Shrinks for First Time in 9 Years
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.
2020-06-03

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).