Australia GDP Growth Rate

The Gross Domestic Product (GDP) in Australia expanded 1.10 percent in the first quarter of 2014 over the previous quarter. GDP Growth Rate in Australia averaged 0.88 Percent from 1959 until 2013, 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.


Australia GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
1.10 0.80 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.

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.

On the expenditure side, the increase in the first quarter of this year (in seasonally adjusted volume terms) was driven by net exports (1.4 percentage points), final consumption expenditure (0.3 percentage points) and total private investment (0.2 percentage points). These increases were partially offset by decreases in changes in inventories (-0.6 percentage points) and public investment (-0.2 percentage points).
In seasonally adjusted terms, the main contributors to GDP were mining (up 8.6%), financial and insurance services (up 2.8%) and Construction (up 3.0%). Mining contributed 0.9 percentage points to the increase in GDP while Financial and insurance services and Construction each contributed 0.2 percentage points.
During the March quarter, in seasonally adjusted terms, real gross domestic income rose by 0.8%, while the volume measure of GDP increased by 1.1%, the difference reflecting a decrease of 1.2% in the terms of trade.
The terms of trade decreased 1.2% in seasonally adjusted terms in the first quarter of 2014 following an increase of 1.0% in the December quarter. From the March quarter 2013 to the March quarter 2014 the terms of trade has fallen 3.8%.
During the March quarter, seasonally adjusted real net national disposable income rose by 1.3%. Growth over the past 4 quarters was 2.2% compared with 3.5% for GDP.
In the March quarter 2014 Exports of goods and services increased 4.8% and Imports of goods and services fell 1.4%.
The household saving ratio was 9.7% in seasonally adjusted terms in the March quarter 2014. The trend estimate for the household saving ratio was also 9.7% in the March quarter 2014.
From the March quarter 2013 to March quarter 2014, mining (1.1 percentage points), financial and insurance services (0.6 percentage points) and construction (0.4 percentage points) industries were the largest contributors to total trend growth of 3.2%. Manufacturing and professional, scientific and technical services each detracted 0.2 percentage points in trend terms.

Compared with the first quarter of 2013, Australian economy grew 3.5 percent.

ABS | Rida |
6/4/2014 3:31:00 AM

Recent Releases

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

Australian Economy Expands 0.6% in Q3
In the third quarter of 2013, Australia's economic growth has fallen short of expectations, edging up by 0.6 percent in a seasonally adjusted terms. Published on 2013-12-04

Calendar GMT Country Event Reference Actual Previous Consensus Forecast
2013-09-04 02:30 AM Australia
GDP Growth Rate QoQ
Q2 2013 0.6% 0.5% (R) 0.6% 0.85%
2013-12-04 12:30 AM Australia
GDP Growth Rate QoQ
Q3 2013 0.6% 0.7% (R) 0.8% 0.53%
2014-03-05 12:30 AM Australia
GDP Growth Rate QoQ
Q4 2013 0.8% 0.6% 0.7% 0.55%
2014-06-04 02:30 AM Australia
GDP Growth Rate QoQ
Q1 2014 1.1% 0.8% 1.0% 0.56%
2014-09-03 02:30 AM Australia
GDP Growth Rate QoQ
Q2 2014 1.1% 0.64%

GDP Last Previous Highest Lowest Unit
GDP 1560.60 1532.40 1560.60 18.60 USD Billion [+]
GDP Growth Rate 1.10 0.80 4.50 -2.00 Percent [+]
GDP Annual Growth Rate 3.50 2.70 9.00 -3.40 Percent [+]
GDP Constant Prices 394929.00 390600.00 394929.00 57355.00 AUD Million [+]
Gross National Product 374613.00 369999.00 374613.00 128904.00 AUD Million [+]
GDP per capita 37492.85 37175.44 37492.85 13356.10 USD [+]
Gross Fixed Capital Formation 104913.00 104916.00 106766.00 8224.00 AUD Million [+]
GDP per capita PPP 35668.77 35052.51 35668.77 19724.69 USD [+]

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