The Australian economy expanded 0.2% qoq in Q4 of 2023, easing from an upwardly revised figure in Q3 and market estimates of 0.3%. This was the ninth straight period of quarterly growth but the softest pace in 5 quarters, as household spending was subdued (0.1% vs -0.2% in Q3), reflecting efforts to maintain spending just on essential items like electricity, rent, food, and health. Meanwhile, government expenditure notably slowed (0.6% vs 1.5%), amid a fall in defense spending and continued government benefits for households. Fixed investment fell after growing in the prior 3 quarters (-0.2% vs 1.5%), with public investment dipping for the first time since Q3 of 2022 while a fall in private one was due to dwellings and machinery and equipment. Net trade contributed positively as exports of goods and services fell 0.3% while imports plunged 3.4%. The household savings ratio rose 3.2%, the first rise in 9 quarters. Through the year, the GDP grew by 1.5%, slightly above forecasts of 1.4%. source: Australian Bureau of Statistics
The Gross Domestic Product (GDP) in Australia expanded 0.20 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in Australia averaged 0.83 percent from 1959 until 2023, reaching an all time high of 4.40 percent in the first quarter of 1976 and a record low of -6.90 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 April of 2024.
The Gross Domestic Product (GDP) in Australia expanded 0.20 percent in the fourth quarter of 2023 over the previous quarter. GDP Growth Rate in Australia is expected to be 0.30 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 0.60 percent in 2025 and 0.50 percent in 2026, according to our econometric models.