The Australian economy advanced 0.8% qoq in Q1 of 2022, exceeding market forecasts of 0.5% and after an upwardly revised 3.6% rise in Q4. This was the second straight quarter of expansion following a contraction in Q3, when economic activity was affected by the Delta outbreak. Household consumption continued to grow (1.5% vs 6.4% in Q4), amid rises across a number of discretionary categories such as transport services, hotels, restaurants, and recreation. Government spending accelerated (2.7% vs 0.4%), while private investment rose after falling in Q4, led by machinery and equipment as well as intellectual property products. However, net external demand contributed negatively, with exports falling 0.9%, mainly due to mineral ores; while imports jumped 8.1%, driven by processed industrial supplies, non-industrial transport equipment, and consumption and capital goods. On a yearly basis, the economy grew 3.3%, after an upwardly revised 4.4% gain in Q4 and topping consensus of 2.9%. source: Australian Bureau of Statistics

GDP Growth Rate in Australia averaged 0.83 percent from 1959 until 2022, reaching an all time high of 4.40 percent in the first quarter of 1976 and a record low of -6.80 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 August of 2022.

GDP Growth Rate in Australia is expected to be 1.30 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia GDP Growth Rate is projected to trend around 1.00 percent in 2023 and 0.80 percent in 2024, according to our econometric models.

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Australia GDP Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-03-02 12:30 AM Q4 3.4% -1.9% 3% 2.5%
2022-06-01 01:30 AM Q1 0.8% 3.6% 0.5% 0.6%
2022-09-07 01:30 AM Q2 0.8% 1.3%


Related Last Previous Unit Reference
GDP Growth Rate 0.80 3.60 percent Mar 2022
GDP Annual Growth Rate 3.30 4.40 percent Mar 2022
GDP Constant Prices 527676.00 523725.00 AUD Million Mar 2022
Gross National Product 532483.00 521833.00 AUD Million Mar 2022
Gross Fixed Capital Formation 122253.00 121356.00 AUD Million Mar 2022
GDP From Utilities 11847.00 11736.00 AUD Million Mar 2022
GDP From Public Administration 28503.00 28448.00 AUD Million Mar 2022
GDP From Mining 48747.00 49511.00 AUD Million Mar 2022
GDP From Manufacturing 29635.00 29322.00 AUD Million Mar 2022
GDP From Construction 36999.00 36919.00 AUD Million Mar 2022
GDP From Agriculture 15010.00 15927.00 AUD Million Mar 2022

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).
Actual Previous Highest Lowest Dates Unit Frequency
0.80 3.60 4.40 -6.80 1959 - 2022 percent Quarterly

News Stream
Australia Q1 GDP Growth Beats Estimates
The Australian economy advanced 0.8% qoq in Q1 of 2022, exceeding market forecasts of 0.5% and after an upwardly revised 3.6% rise in Q4. This was the second straight quarter of expansion following a contraction in Q3, when economic activity was affected by the Delta outbreak. Household consumption continued to grow (1.5% vs 6.4% in Q4), amid rises across a number of discretionary categories such as transport services, hotels, restaurants, and recreation. Government spending accelerated (2.7% vs 0.4%), while private investment rose after falling in Q4, led by machinery and equipment as well as intellectual property products. However, net external demand contributed negatively, with exports falling 0.9%, mainly due to mineral ores; while imports jumped 8.1%, driven by processed industrial supplies, non-industrial transport equipment, and consumption and capital goods. On a yearly basis, the economy grew 3.3%, after an upwardly revised 4.4% gain in Q4 and topping consensus of 2.9%.
2022-06-01
Australia Q4 GDP Growth Rate Beats Estimates
The Australian economy expanded 3.4% qoq in Q4, exceeding market forecasts of 3.0% and shifting from a 1.9% fall in Q3. This was the strongest pace of growth since Q3 2020, mainly boosted by a sharp rebound in household spending as the economy emerged from COVID-19 lockdowns. Household consumption bounced back strongly, rising the most in 5 quarters (6.3% vs -4.8% in Q3), buoyed by spending on both goods and services with recreation and culture, cafes & restaurants and clothing experiencing strong rises. Meantime, government spending growth eased sharply (0.1% vs 3.8%); while private investment fell for 1st time in 6 quarters (-1.4% vs 0.7%), amid shortages of labor and construction materials. Also, net external demand contributed negatively, with exports falling 1.5%, due to mining commodities and travel services; while imports dropped 0.9%, driven by consumption and capital goods. On a yearly basis, the economy grew 4.2%, after a 3.9% rise in Q3 and above consensus of 3.7%.
2022-03-02
Australia Q3 GDP Shrinks Less than Expected
The Australian economy shrank 1.9% qoq in Q3, compared with market expectations of 2.7% decline and after a 0.7% growth in Q2. This was the first contraction since Q2 2020, amid prolonged lockdowns across New South Wales, Victoria, and the Australia Capital Territory. Household consumption fell for the first time in five quarters (-4.8% vs 1% in Q2), dragged down by spending on services; while private investment rose the least in a year (0.8% vs 1.9%), due to a sharp slowdown in dwellings investment and a fall in machinery and equipment investment. Meantime, government spending expanded much faster (3.6% vs 1.3%), led by health-related expenditure. Also, net external demand contributed positively, as exports of goods and services rose 1.2%, supported by mining and rural commodities; while imports dropped 4.0% due to persistent global supply constraints and a fall in domestic demand. On a yearly basis, the economy grew 3.9%, after a marginally revised 9.5% growth in Q2.
2021-12-01