The Australian economy advanced 1.8% qoq in the three months to March 2021, after an upwardly revised 3.2% growth in the previous period and beating market expectations of 1.5%. This was the third straight quarter of expansion, amid continued monetary and fiscal stimulus. Household consumption grew further (1.2% vs 4.5% in Q4), mainly driven by spending on hotels, cafes and restaurants, recreation and culture, other goods and services, and vehicles. Meantime, private investment growth accelerated (5.3% vs 3.8%), with machinery and equipment investment recording its strongest quarterly rise since Q4 2009, on the sustained improvement in business confidence and support from Government tax incentives. Net external demand contributed negatively to the GDP as exports rose less than imports. On a yearly basis, the economy grew by 1.1%, above pre-pandemic levels, after a downwardly revised 1% fall in the fourth quarter. source: Australian Bureau of Statistics
GDP Growth Rate in Australia averaged 0.84 percent from 1959 until 2021, 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 July of 2021.
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 0.70 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.