Australia GDP Growth Rate 1959-2014 | Data | Chart | Calendar | Forecast

The Gross Domestic Product (GDP) in Australia expanded 0.30 percent in the third quarter of 2014 over the previous quarter. GDP Growth Rate in Australia averaged 0.88 percent from 1959 until 2014, reaching an all time high of 4.50 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 Statistic.

      Forecast    
Australia GDP Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
0.30 0.50 4.50 -2.00 1959 - 2014 percent Quarterly
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 provides - Australia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Australia GDP Growth Rate - was last refreshed on Thursday, December 18, 2014.


Australian Economy Slows in Q3


Australian GDP grew 0.3 percent in the third quarter of 2014, down from 0.5 percent expansion reported in the previous three month period and below markets expectations. Net exports and consumption contributed the most to the growth while investment dragged the expansion down.

On the expenditure side, net exports contributed 0.8 percentage points to GDP growth, household final consumption expenditure 0.3 percentage points and Government final consumption expenditure 0.1 percentage points. This was offset by a -0.7 percentage point contribution from total Gross fixed capital formation and a -0.1 percentage point contribution from Changes in inventories. In the September quarter, Exports of goods and services rose 2.8% and Imports of goods and services fell 0.9%.

On the industry side, the main contributor to GDP growth was Financial and insurance services (0.2 percentage points), with Mining and Information media and telecommunications each contributing 0.1 percentage points. The main detractors to growth in GDP were Construction (-0.2 percentage points) and Professional, scientific and technical services (-0.2 percentage points).

Year-on-year, Mining (0.9 percentage points), Financial and insurance services (0.5 percentage points) and Construction (0.3 percentage points) industries were the largest contributors to total trend growth of 2.7%. Professional, scientific and technical services (-0.4 percentage points), Agriculture, forestry and fishing (-0.2 percentage points) and Transport, postal and warehousing (-0.2 percentage points) were the largest detractors in trend terms.

ABS | anna@tradingeconomics.com
12/3/2014 12:59:31 AM


Recent Releases

Australian Economy Grows 0.5% in Q2
In the second quarter of 2014, Australia's GDP grew 0.5 percent in seasonally adjusted terms, beating market expectations and driven by consumption and private investment amid weakening exports. Published on 2014-09-03

Australian Economy Expands 1.1% in Q1
In the first quarter of 2014, Australia GDP expanded on a seasonally adjusted 1.1 percent over the previous three months, the highest growth in the last seven quarters. Growth was driven by net export, consumption expenditure and private investment while changes in inventories and public investment declined. Mining industry and financial services also become the main drivers for the economy during March quarter. Published on 2014-06-04


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-06-04 02:30 AM
GDP Growth Rate QoQ  Q1
1.1% 0.8% 1.0% 0.56%
2014-09-03 02:30 AM
GDP Growth Rate QoQ  Q2
0.5% 1.1% 0.4% 0.3%
2014-12-03 12:30 AM
GDP Growth Rate QoQ  Q3
0.3% 0.5% 0.7% 0.76%
2015-03-04 12:30 AM
GDP Growth Rate QoQ  Q4
0.3% 0.43%
2015-06-03 02:30 AM
GDP Growth Rate QoQ  Q1
0.32%
2015-09-02 02:30 AM
GDP Growth Rate QoQ  Q2
0.33%


Australia GDP Last Previous Highest Lowest Unit
GDP 1560.60 1532.40 1560.60 18.60 USD Billion [+]
GDP Growth Rate 0.30 0.50 4.50 -2.00 percent [+]
GDP Annual Growth Rate 2.70 2.70 9.00 -3.40 percent [+]
GDP Constant Prices 395148.00 393814.00 395148.00 59314.00 AUD Million [+]
Gross National Product 379020.00 379326.00 379326.00 51377.00 AUD Million [+]
GDP per capita 37492.85 37175.44 37492.85 13356.10 USD [+]
Gross Fixed Capital Formation 103088.00 105994.00 108346.00 8997.00 AUD Million [+]
GDP per capita PPP 42809.93 42447.51 42809.93 27898.88 USD [+]


GDP Growth Rate Reference Previous Highest Lowest Unit
Australia 0.30 Aug/14 0.50 4.50 -2.00 percent [+]
Brazil 0.10 Aug/14 -0.60 4.50 -4.20 percent [+]
Canada 0.70 Aug/14 0.90 3.33 -1.80 percent [+]
China 1.90 Aug/14 2.00 2.50 1.40 percent [+]
Euro Area 0.20 Aug/14 0.10 1.30 -2.80 percent [+]
France 0.30 Aug/14 -0.10 1.60 -1.70 percent [+]
Germany 0.10 Aug/14 -0.10 2.10 -3.70 percent [+]
India 1.20 May/14 1.90 5.80 -1.90 percent [+]
Indonesia 2.96 Aug/14 2.49 3.82 -3.57 percent [+]
Italy -0.10 Aug/14 -0.20 6.00 -3.50 percent [+]
Japan -0.50 Aug/14 -1.90 3.20 -4.00 percent [+]
Mexico 0.50 Aug/14 0.90 2.90 -6.60 percent [+]
Netherlands 0.20 Aug/14 0.60 2.00 -2.20 percent [+]
Russia 0.04 Aug/14 0.14 4.10 -5.40 percent [+]
South Korea 0.90 Aug/14 0.50 6.80 -7.00 percent [+]
Spain 0.50 Aug/14 0.50 1.53 -1.60 percent [+]
Switzerland 0.60 Aug/14 0.30 1.90 -2.20 percent [+]
Turkey 0.40 Aug/14 -0.50 6.69 -7.57 percent [+]
United Kingdom 0.70 Aug/14 0.90 5.00 -2.70 percent [+]
United States 3.90 Aug/14 4.60 16.90 -10.00 percent [+]