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

The Australian economy expanded 0.5 percent in the June quarter of 2016, slowing from a downwardly revised 1.0 percent growth in the previous quarter and slightly below market consensus of a 0.6 percent growth. It was the weakest expansion since the second quarter 2015, weighed down by net trade while investment was flat and final consumption remained steady. Through the year, the economy grew by 3.3 percent, accelerating from a 3.1 percent in the March quarter while market estimated a 3.4 percent growth. It was the strongest expansion since the June quarter 2012, bringing the annual growth of 2.9 percent for the 2015-2016 financial year and going 100 quarters without experiencing a technical recession. GDP Growth Rate in Australia averaged 0.86 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
0.50 1.00 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 September of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
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 0.5% 1.0% 0.6% 0.7%
2016-12-02 12:30 AM Q3 0.5% 0.8%

Australia GDP Growth Weakest in A Year


The Australian economy expanded 0.5 percent in the June quarter of 2016, slowing from a downwardly revised 1.0 percent growth in the previous quarter and slightly below market consensus of a 0.6 percent growth. It was the weakest growth since the second quarter 2015, weighed down by net trade while investment was flat and final consumption remained steady.

In the second quarter of 2016, final consumption expenditure grew by 0.8 percent, adding 0.6 percentage points to GDP growth. Household spending  rose 0.4 percent while government expenditure increased by 1.9 percent. Gross fixed capital formation was flat. Private investment fell 3.4 percent, driven by a 12.4 percent drop in non-dwelling construction. Public investment rose 15.5 percent, largely due to a 21.0 percent increase in state and local general government. Exports of goods and services went up 1.3 percent while imports of goods and services grew at a faster 2.7 percent. Net exports detracted 0.2 percentage points from GDP growth. The change in total inventories was an increase of AUD 706 million in seasonally adjusted terms compared to a decrease of AUD 477 million in the December quarter, contributing 0.3 percentage points to GDP. This increase was driven by a rise in wholesale trade inventories.

By industry, positive contributions came from wholesale trade (+1.7 percent, driven by strength in motor vehicle and motor vehicle parts wholesaling and machinery and equipment wholesaling); rental, hiring and real estate (+3.1 percent, driven by property operators and real estate services); professional, scientific and technical services (+3.2 percent with strength evident in non-engineering related professional, scientific and technical services) and administrative and support services (+2.3 percent). In contrast, agriculture, forestry and fishing shrank 3.8 percent (driven by falls in grains, cotton and milk production), followed by mining (-3.5 percent, due to a 4.8 percent decline in iron ore mining, a 1.7 percent drop in oil and gas extraction and a 1.4 percent fall in coal mining) and construction (-0.8 percent, due to weakness in heavy and civil engineering and construction services). 

Through the year, the economy grew by 3.3 percent, accelerating from a 3.1 percent in the March quarter while market estimated a 3.4 percent growth. It was the strongest expansion since the June quarter 2012, bringing the annual growth of 2.9 percent for the 2015-2016 financial year and going 100 quarters without experiencing a technical recession. In trend terms, the largest contributors to the economy came from mining (+0.8 percentage points), financial and insurance services (+0.5 percentage points), construction (+0.2 percentage points), public administration and safety (+0.3 percentage points)and wholesale trade (+0.2 percentage points). In contrast, the largest detractor was manufacturing (-0.2 percentage points).

Real gross domestic income increased by 0.6 percent, while the volume measure of GDP increased by 0.7 percent, the difference reflecting a decrease of 0.4 percent in the terms of trade in trend terms.

Real net national disposable income increased by 1.1 percent quarter-on-quarter. Through the year the income rose 2.1 percent compared with a 3.1 percent growth for GDP.

ABS l Rida Husna | rida@tradingeconomics.com
9/7/2016 9:12:06 AM

Australia GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.50 1.00 4.40 -2.00 percent [+]
GDP Annual Growth Rate 3.30 3.10 9.00 -3.50 percent [+]
GDP 1339.54 1454.68 1563.90 18.60 USD Billion [+]
GDP Constant Prices 421725.00 419520.00 421725.00 60536.00 AUD Million [+]
Gross National Product 395902.00 393462.00 395902.00 53966.00 AUD Million [+]
Gross Fixed Capital Formation 99642.00 99669.00 111448.00 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 8509.00 9245.00 9321.00 3045.00 AUD Million [+]
GDP From Construction 32223.00 32094.00 32223.00 7506.00 AUD Million [+]
GDP From Manufacturing 24451.00 24366.00 27976.00 14947.00 AUD Million [+]
GDP From Mining 37618.00 38935.00 38935.00 5812.00 AUD Million [+]
GDP From Public Administration 23175.00 23179.00 23179.00 7323.00 AUD Million [+]
GDP From Utilities 11216.00 11224.00 11307.00 3936.00 AUD Million [+]




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