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

The Gross Domestic Product (GDP) in Australia expanded 0.50 percent in the second 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
0.50 1.10 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, November 27, 2014.


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.

On the expenditure side, the increase this quarter (in seasonally adjusted volume terms) was driven by Changes in inventories (adding 0.9 percentage points), Final consumption expenditure (adding 0.3 percentage points) and Private gross fixed capital formation (adding 0.3 percentage points). These increases were partially offset by the decrease in Net exports (detracting -0.9 percentage points) and Public gross fixed capital formation (detracting -0.2 percentage points).

In the previous quarter this year, Net exports contributed 1.2 percentage points. In the June quarter 2014 Exports of goods and services fell 0.8 percent and Imports of goods and services rose 3.7 percent.
 
The terms of trade decreased 4.1 percent in seasonally adjusted terms in the June quarter following a 1.4 percent fall in the March quarter. From the June quarter 2013 to the June quarter 2014 the terms of trade has fallen 7.9 percent.
 
Compared with the second quarter of 2013, Australian economy advanced 3.1 percent in April to June period of 2014. Mining (1.2 percentage points), Financial and insurance services (0.6 percentage points) and Construction (0.5 percentage points) were the largest contributors to total trend of growth. Professional, scientific and technical services (-0.3 percentage points) and Transport, postal and housing (-0.2 percentage points) were the largest detractors in trend terms.

ABS l Rida l rida@tradingeconomics.com
9/3/2014 8:36:48 AM


Recent Releases

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

Australian Economy Expands 0.8% in Q4
Australian GDP grew faster than expected in seasonally adjusted volume terms in the last quarter of 2013. Expansion was mostly driven by exports and consumption while fixed investment declined. Published on 2014-03-05


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-03-05 12:30 AM
GDP Growth Rate QoQ  Q4 2013
0.8% 0.6% 0.7% 0.55%
2014-06-04 02:30 AM
GDP Growth Rate QoQ  Q1 2014
1.1% 0.8% 1.0% 0.56%
2014-09-03 02:30 AM
GDP Growth Rate QoQ  Q2 2014
0.5% 1.1% 0.4% 0.3%
2014-12-03 12:30 AM
GDP Growth Rate QoQ  Q3 2014
0.5% 0.96%
2015-03-04 02:30 AM
GDP Growth Rate QoQ  Q4 2014
0.99%
2015-06-03 02:30 AM
GDP Growth Rate QoQ  Q1 2015
0.89%


Australia GDP Last Previous Highest Lowest Unit
GDP 1560.60 1532.40 1560.60 18.60 USD Billion [+]
GDP Growth Rate 0.50 1.10 4.50 -2.00 percent [+]
GDP Annual Growth Rate 3.10 3.50 9.00 -3.40 percent [+]
GDP Constant Prices 396463.00 394541.00 396463.00 59314.00 AUD Million [+]
Gross National Product 373130.00 373074.00 373130.00 51377.00 AUD Million [+]
GDP per capita 37492.85 37175.44 37492.85 13356.10 USD [+]
Gross Fixed Capital Formation 105566.00 105272.00 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 0.50 May/14 1.10 4.50 -2.00 percent [+]
Brazil -0.60 May/14 -0.20 4.50 -4.20 percent [+]
Canada 0.80 May/14 0.20 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 -0.40 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 0.25 May/14 0.07 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 0.00 May/14 0.50 1.90 -2.20 percent [+]
Turkey -0.50 May/14 1.80 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 [+]