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.



Calendar GMT Reference Actual Previous Consensus TEForecast
2023-12-06 12:30 AM
GDP Growth Rate QoQ
Q3 0.2% 0.4% 0.4% 0.4%
2024-03-06 12:30 AM
GDP Growth Rate QoQ
Q4 0.2% 0.3% 0.3% 0.2%
2024-06-05 01:30 AM
GDP Growth Rate QoQ
Q1 0.2% 0.3%


Related Last Previous Unit Reference
GDP Growth Rate YoY 1.50 2.10 percent Dec 2023
GDP Constant Prices 609750.00 608293.00 AUD Million Dec 2023
GDP from Agriculture 16563.00 17148.00 AUD Million Dec 2023
GDP from Construction 40771.00 40516.00 AUD Million Dec 2023
GDP from Manufacturing 30781.00 31154.00 AUD Million Dec 2023
GDP from Mining 80564.00 79775.00 AUD Million Dec 2023
GDP from Public Administration 31024.00 30717.00 AUD Million Dec 2023
GDP from Utilities 11351.00 11247.00 AUD Million Dec 2023
GDP Growth Rate 0.20 0.30 percent Dec 2023
GDP Capital Expenditure 144342.00 144675.00 AUD Million Dec 2023
Gross National Product 583409.00 576668.00 AUD Million Dec 2023

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
0.20 0.30 4.40 -6.90 1959 - 2023 percent Quarterly

News Stream
Australia Q4 GDP Growth Below Forecasts
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%.
2024-03-06
Australia Q3 GDP Growth Weakest in A Year
The Australian economy advanced 0.2% qoq in Q3 of 2023, below market forecasts and easing from a 0.4% growth in Q2. It was the softest pace of expansion since Q3 of 2022 as fixed investment grew less (1.1% vs 2.9% in Q2), household consumption stalled and net trade contributed negatively. Fixed investment were boosted by a solid public investment (8.9% vs 8.2%) on the back of rising health and transport, communication, and utility projects. Household consumption showed no growth, as government benefits and rebates reduced household spending on essential services such as electricity. The household savings ratio dropped to 1.1%, the lowest since Q4 of 2007, from a downwardly revised 2.8%. Simultaneously, exports fell for the first time since March 2022 (-0.7%) while imports grew (2.1%). Meantime, government spending rose faster (1.1% vs 0.6%). Through the year, the GDP grew 2.1%, after a downwardly revised 2.0% gain in Q2, beating forecasts of a 1.8% growth.
2023-12-06
Australia Q2 GDP Growth Beats Estimates
The Australian economy expanded 0.4% qoq in Q2 of 2023, the same pace as an upwardly revised figure in Q1 but above market forecasts of a 0.3% growth. This was the seventh straight period of economic growth, amid positive contribution from net trade as exports (4.3%) rose more than imports (0.7%). Also, fixed investment grew further (2.4% vs 2.4% in Q1), largely due to solid public investment (8.2% vs 3.7%) on the back of rising health and transport infrastructure investment, and an increase in national defense. The increase in private capital was modest, led by rises in new machinery and equipment and a rebound in ownership transfer costs. Meantime, government spending rose for the fourth straight quarter (0.4% vs 0.1%). However, household consumption was subdued due to elevated interest rates (0.1%% vs 0.3%). The household savings ratio fell to 3.2%, the lowest since Q2 of 2008, from a downwardly revised 3.6%. Through the year, the economy grew 2.1%, slowing from a 2.4% gain in Q1.
2023-09-06