The Australian economy expanded 0.6% qoq in Q3 of 2022, compared with market forecasts of 0.7% and after a 0.9% rise in Q2. This was the fourth straight quarter of growth in the economy but the softest rise in the sequence, as household consumption grew the least in a year amid intense cost pressures and rising interest rates (1.1% vs 2.1% in Q2). Wednesday’s release also showed household savings ratio fell to 6.9% in Q3 from 8.3% in Q2, despite a large rise in compensation of employees. Meantime, government spending rose slightly after falling previously (0.1% vs -0.6%); while private investment bounced back (0.8% vs -0.9%), buoyed by activities in both dwelling (1%) and non-dwelling (8.6%) and despite drops in ownership transfer costs (-11.2%) and machinery and equipment (-2.7%). Net external demand was a drag on the GDP as commodity prices fell, with imports growing 3.9%, while exports rose at a slower 2.7%. On a yearly basis, the economy advanced 5.9%, less than consensus of 6.2%. 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 -7.00 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 December of 2022.

GDP Growth Rate in Australia is expected to be 0.60 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 0.90 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
2022-09-07 01:30 AM Q2 0.9% 0.7% 1% 1.1%
2022-12-07 12:30 AM Q3 0.6% 0.9% 0.7% 0.8%
2023-03-02 12:30 AM Q4 0.6%


Related Last Previous Unit Reference
GDP Growth Rate 0.60 0.90 percent Sep 2022
GDP Annual Growth Rate 5.90 3.40 percent Sep 2022
GDP Constant Prices 552547.00 548995.00 AUD Million Sep 2022
Gross National Product 544567.00 532483.00 AUD Million Jun 2022
Gross Fixed Capital Formation 124291.00 124522.00 AUD Million Sep 2022
GDP from Utilities 12233.00 12182.00 AUD Million Sep 2022
GDP from Public Administration 28096.00 28157.00 AUD Million Sep 2022
GDP from Mining 55835.00 55175.00 AUD Million Sep 2022
GDP from Manufacturing 29346.00 29734.00 AUD Million Sep 2022
GDP from Construction 39667.00 38774.00 AUD Million Sep 2022
GDP from Agriculture 14806.00 14863.00 AUD Million Sep 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
0.60 0.90 4.40 -7.00 1959 - 2022 percent Quarterly

News Stream
Australia Q3 GDP Growth Below Estimates
The Australian economy expanded 0.6% qoq in Q3 of 2022, compared with market forecasts of 0.7% and after a 0.9% rise in Q2. This was the fourth straight quarter of growth in the economy but the softest rise in the sequence, as household consumption grew the least in a year amid intense cost pressures and rising interest rates (1.1% vs 2.1% in Q2). Wednesday’s release also showed household savings ratio fell to 6.9% in Q3 from 8.3% in Q2, despite a large rise in compensation of employees. Meantime, government spending rose slightly after falling previously (0.1% vs -0.6%); while private investment bounced back (0.8% vs -0.9%), buoyed by activities in both dwelling (1%) and non-dwelling (8.6%) and despite drops in ownership transfer costs (-11.2%) and machinery and equipment (-2.7%). Net external demand was a drag on the GDP as commodity prices fell, with imports growing 3.9%, while exports rose at a slower 2.7%. On a yearly basis, the economy advanced 5.9%, less than consensus of 6.2%.
2022-12-07
Australia Q2 GDP Growth Accelerates
The Australian economy advanced 0.9% qoq in Q1 of 2022, compared with market forecasts of 1.0% and after a downwardly revised 0.7% rise in Q1. This was the third straight quarter of growth, marking the first full quarter of reopened domestic and international borders since the pandemic began. Household consumption rose further (2.2% vs 2.2% in Q1), led by spending on travel-related categories, such as transport services and hotels, cafes, and restaurants. Also, net external demand contributed positively, with exports rising the most since Q3 2020 supported by mineral ores and other mineral fuels as well as travel and transport; while imports were sluggish. At the same time, fixed investment slowed (0.2% vs 0.7%), linked to a drop in private investment as wet weather and material and labor shortages hampered activity. Meanwhile, government spending fell for the first time in 5 quarters (-0.8% vs 2.6%). On a yearly basis, the economy grew 3.6%, topping consensus of 3.5%.
2022-09-07
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