Australia GDP Growth Rate  1959-2016 | Data | Chart | Calendar | Forecast

The Australian GDP expanded 1.1 percent on quarter in the March quarter of 2016, as compared to an upwardly revised 0.7 percent growth in the previous period and above market consensus of a 0.8 percent increase. It is the biggest expansion in three years, led by a household spending and exports. Through the year, the economy advanced 3.1 percent, the most since the third quarter 2012. GDP Growth Rate in Australia averaged 0.87 percent from 1959 until 2016, reaching an all time high of 4.40 percent in the first quarter of 1976 and a record low of -2 percent in the second quarter of 1974. GDP Growth Rate in Australia is reported by the Australian Bureau of Statistics.

Australia GDP Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
1.10 0.70 4.40 -2.00 1959 - 2016 percent Quarterly
Australia's economy is dominated by its services sector, yet its economic success is based on abundance of agricultural and mineral resources. The composition of the GDP by sector: services (65 percent of total), mining (13.5 percent ), manufacturing (11 percent), construction (9.5 percent) and agriculture (2 percent of GDP). This page provides - Australia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia GDP Growth Rate - actual data, historical chart and calendar of releases - was last updated on August of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-12-02 12:30 AM Q3 0.9% 0.3% 0.8% 0.5%
2016-03-02 12:30 AM Q4 0.6% 1.1% 0.4% 0.5%
2016-06-01 01:30 AM Q1 1.1% 0.7% 0.8% 0.6%
2016-09-07 01:30 AM Q2 1.1% 0.7%
2016-12-02 12:30 AM Q3 0.8%

Australian GDP Grows 1.1% in Q1, Beats Forecasts


Australian GDP expanded 1.1 percent in the March quarter of 2016, accelerating from an upwardly revised 0.7 percent growth in the previous quarter and above market consensus of a 0.8 percent growth. Positive contributions from net exports and final consumption expenditure offset a decline in investment.

In the first quarter of 2016, final consumption expenditure grew by 0.7 percent, adding 0.5 percentage points to GDP growth. Household spending  rose 0.7 percent while government expenditure increased by 0.9 percent. In contrast, gross fixed capital formation declined by 1.7 percent, substracting 0.4 percentage points to growth. Private investment fell 4.2 percent, mainly due to a decrease in new engineering construction, new building and machinery and equipment. Meanwhile, public investment rose 0.7 percent.  Exports of goods and services rose 4.4 percent. Imports of goods and services fell 0.8 percent. Net exports contributed 1.1 percentage points to GDP growth in the March quarter. The change in total inventories was an increase of AUD651 million in seasonally adjusted terms compared to an increase of AUD 522 million in the December quarter. This increase was driven by rises in wholesale trade and mining industries.

By industry, positive contributions came from agriculture, forestry and fishing (+2.5 percent, driven by livestock production which was supported by strong international demand), mining (+6.2 percent, supported by other mining, iron ore mining, oil and gas extraction, coal mining and exploration and mining support services), manufacturing (+0.2 percent, supported by a rise in food, beverage and tobacco products and machinery equipment) and retail trade (+0.8 percent). In contrast, construction declined by 1.1 percent, driven by weakness in non-residential building construction and heavy and civil engineering construction. 

Through the year, the economy grew by 3.0 percent, accelerating from an upwardly revised 2.7 percent in the September quarter and beating expectations. It is the fastest expansion since the third quarter 2012. In trend terms, the largest contributors to the economy came from mining (+0.9 percentage points), financial and insurance services (+0.4 percentage points), construction (+0.2 percentage points), public administration and safety (+0.3 percentage points)and retail trade (+0.2 percentage points). In contrast, the largest detractor was manufacturing (-0.2 percentage points).

Real gross domestic income increased by 0.3 percent, while the volume measure of GDP increased by 0.9 percent, the difference reflecting a decrease of 2.3 percent in the Terms of trade in trend terms.

Real net national disposable income was flat quarter-on-quarter. Through the year the income fell 1.1 percent compared with a 3.2 percent growth for GDP.




ABS l Rida Husna | rida@tradingeconomics.com
6/1/2016 4:24:13 AM

Australia GDP Last Previous Highest Lowest Unit
GDP Growth Rate 1.10 0.70 4.40 -2.00 percent [+]
GDP Annual Growth Rate 3.10 2.90 9.00 -3.50 percent [+]
GDP 1339.54 1454.68 1563.90 18.60 USD Billion [+]
GDP Constant Prices 420023.00 415605.00 420023.00 60536.00 AUD Million [+]
Gross National Product 387643.00 386902.00 388716.00 53966.00 AUD Million [+]
Gross Fixed Capital Formation 98469.00 100136.00 111404.00 9292.00 AUD Million [+]
GDP per capita 54717.71 54232.66 54717.71 19172.27 USD [+]
GDP per capita PPP 43654.58 43267.60 43654.58 27874.89 USD [+]
GDP From Agriculture 9245.00 8876.00 9321.00 3045.00 AUD Million [+]
GDP From Construction 32094.00 31939.00 32094.00 7506.00 AUD Million [+]
GDP From Manufacturing 24366.00 24237.00 27976.00 14947.00 AUD Million [+]
GDP From Mining 38935.00 36544.00 38935.00 5812.00 AUD Million [+]
GDP From Public Administration 23179.00 21882.00 23179.00 7323.00 AUD Million [+]
GDP From Utilities 11224.00 11307.00 11307.00 3936.00 AUD Million [+]




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Belize -1.07 Mar/16
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