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AUSTRALIA GDP GROWTH RATEThe Gross Domestic Product (GDP) in Australia expanded 0.40 percent in the fourth quarter of 2011 over the previous quarter. Historically, from 1959 until 2011, Australia GDP Growth Rate averaged 0.9 Percent reaching an all time high of 4.5 Percent in March of 1976 and a record low of -2.0 Percent in June of 1974. The Gross Domestic Product (GDP) growth rate provides an aggregated measure of changes in value of the goods and services produced by an economy. Australia's economy is dominated by its services sector, yet its economic success is based on abundance of agricultural and mineral resources. Australia's comparative advantage in the export of primary products is a reflection of the natural wealth of the Australian continent and its small domestic market. The country is a major regional financial centre and a vital component of the global financial system. This page includes a chart with historical data for Australia GDP Growth Rate.
Australia's GDP Growth Slows in Q4
Published on 3/7/2012 11:15:41 AM
| By TradingEconomics.com, ABS
In seasonally adjusted terms, GDP increased 0.4% in the December quarter; through the year GDP growth was 2.3%.
On the expenditure side, the increase this quarter (in seasonally adjusted volume terms) was driven by Household final consumption expenditure (adding 0.3 percentage points), Changes in inventories (adding 0.3 percentage points) and Net exports (adding 0.3 percentage points). Partially offsetting these rises was Private gross fixed capital formation (detracting 0.4 percentage points).
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GDP Growth Rate
The Gross Domestic Product growth rate measures the increase in value of the goods and services produced by an economy. Economic growth is usually calculated in real terms or inflation-adjusted terms, in order to net out the effect of changes on the price of the goods and services produced. The Gross Domestic Product can be determined using three different approaches, which should give the same result. These different methods are the product technique, the income technique , and the expenditure technique. In sum, the product technique sums the outputs of every class of enterprise to arrive at the total. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes. The real GDP per capita of an economy is often used as an indicator of the average standard of living of individuals in that country, and economic growth is therefore often seen as indicating an increase in the average standard of living. However, there are some problems in using growth in GDP per capita to measure the general well-being of a country´s population. In fact, GDP was first developed by Simon Kuznets for a US Congress report in 1934, who immediately said not to use it as a measure for welfare. First, GDP per capita does not provide much information relevant to the distribution of income in a country. Second, GDP per capita does not take into account negative externalities such as pollution consequent to economic growth. Third, GDP per capita does not take into account positive externalities that may result from services such as education and health. Finally, GDP per capita excludes the value of all the activities that take place outside of the market place such as free leisure activities or less positive activities like organized crime.
AUSTRALIA NEWS
Australia's Unemployment Down to 4.9% in April
Published: 5/10/2012 11:58:25 AM
By: TradingEconomics.com, ABS
Australia's unemployment rate decreased 0.2 pts to 4.9%. The male unemployment rate decreased 0.2 pts to 4.8% and the female unemployment rate decreased 0.2 pts to 5.1%.
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Australia Reports Trade Deficit for Third Month
Published: 5/8/2012 11:31:23 AM
By: TradingEconomics.com, ABS
In seasonally adjusted terms, the balance on goods and services was a deficit of $1,587m in March 2012, a rise of $833m on the deficit in February 2012.
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Australia Cuts Rates to 3.75%
Published: 5/1/2012 11:30:40 AM
By: TradingEconomics.com, RBA
At its meeting on May 1st, the Board decided to lower the cash rate by 50 basis points to 3.75 per cent, effective 2 May 2012. This decision is based on information received over the past few months that suggests that economic conditions have been somewhat weaker than expected, while inflation has moderated.
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Australian Annual Inflation Down to 1.6% in Q1
Published: 4/24/2012 11:49:36 AM
By: TradingEconomics.com, ABS
The CPI rose 1.6% through the year to the March quarter 2012, compared with a rise of 3.1% through the year to the December quarter 2011.
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Australia's Unemployment Rate Steady at 5.2% in March
Published: 4/12/2012 11:31:07 AM
By: TradingEconomics.com, ABS
Employment increased 44,000 (0.4%) to 11,491,200. Full-time employment increased 15,800 (0.2%) to 8,080,400 and part-time employment increased 28,200 (0.8%) to 3,410,900.
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Australia Reports Trade Deficit in February
Published: 4/4/2012 11:03:26 AM
By: TradingEconomics.com, ABS
In seasonally adjusted terms, the balance on goods and services was a deficit of $480m in February 2012, a fall of $491m on the deficit in January 2012.
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Reserve Bank of Australia Leaves Interest Rates Steady
Published: 4/3/2012 1:34:36 PM
By: TradingEconomics.com, RBA
The board of the Reserve Bank of Australia has left interest rates unchanged at 4.25 per cent at its monthly meeting.
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Australia Reports Trade Deficit in January
Published: 3/9/2012 11:40:09 AM
By: TradingEconomics.com, ABS
In seasonally adjusted terms, Australia reported a trade deficit of $673m in January 2012, a turnaround of $1,998m on the surplus in December 2011.
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Australia's Unemployment Rate Up to 5.2% in February
Published: 3/8/2012 12:29:16 PM
By: TradingEconomics.com, ABS
Australia's seasonally adjusted unemployment rate increased 0.1 percentage points to 5.2 per cent in February.
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Australia's GDP Growth Slows in Q4
Published: 3/7/2012 11:15:41 AM
By: TradingEconomics.com, ABS
In seasonally adjusted terms, GDP increased 0.4% in the December quarter; through the year GDP growth was 2.3%.
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