The Australian economy expanded 0.5% qoq in Q4 of 2022, less than market forecasts of a 0.8% increase, and after an upwardly revised 0.7% rise in Q3. This was the fifth consecutive period of economic growth but the softest pace in the sequence, as household consumption advanced the least in five quarters (0.3%% vs 1.0% in Q3) due to intense cost pressures and elevated interest rates. The household savings ratio fell to 4.5%, the lowest since Q3 of 2017, from the previous 7.1%. Meanwhile, private investment decreased (-1.7% vs 1.2%), dragged by non-dwelling & dwelling, ownership transfer costs, and machinery & equipment. Also, public investment declined (-0.7% vs -3.5%), even though levels of investment remained high. Government spending rose further (0.6% vs 0.2%), and net external demand contributed positively, as exports added 1.1% while imports lost 4.3%. For 2022, the economy grew by 2.7%, much slower than the 5.9% figure in 2021. 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 -6.70 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 March of 2023.
GDP Growth Rate in Australia is expected to be 0.50 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 0.50 percent in 2024 and 0.60 percent in 2025, according to our econometric models.