Australia GDP Growth Rate

The Gross Domestic Product (GDP) in Australia expanded 0.80 percent in the fourth quarter of 2013 over the previous quarter. GDP Growth Rate in Australia is reported by the Australian Bureau of Statistic. 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. 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. 2014-04-24

Actual Previous Highest Lowest Forecast Dates Unit Frequency
0.80 0.60 4.50 -2.00 0.55 | 2013/12 1959 - 2013 Percent Quarterly

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Australia GDP Growth Rate
LIST BY COUNTRY


CALENDAR GMT Country Event Reference Actual Previous Consensus Forecast
2013-06-05 02:30 AM Australia
GDP Growth Rate QoQ
Q1 2013 0.6% 0.6% 0.8% 0.77%
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 0.56%
2014-09-03 02:30 AM Australia
GDP Growth Rate QoQ
Q2 2014 0.59%
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GDP Last Previous Highest Lowest Forecast Unit
GDP Growth Rate 0.80 2013-12-31 0.60 4.50 -2.00 0.55 2013-12-31 Percent [+]
GDP Annual Growth Rate 2.80 2013-12-31 2.30 9.00 -3.40 2.00 2013-12-31 Percent [+]
GDP per capita 37228.20 2012-12-31 36584.99 37228.20 13267.30 38148.66 2014-06-30 USD [+]
GDP per capita PPP 35668.77 2012-12-31 35052.51 35668.77 19724.69 36550.67 2014-06-30 USD [+]
GDP Constant Prices 390572.00 2013-11-15 387481.00 390572.00 57355.00 403690.92 2014-06-30 AUD Million [+]
Gross Fixed Capital Formation 105451.00 2013-11-15 106746.00 106766.00 8224.00 106060.80 2014-03-31 AUD Million [+]
Gross National Product 370481.00 2013-11-15 367620.00 370481.00 128904.00 375222.63 2014-03-31 AUD Million [+]
GDP 1520.60 2012-12-31 1384.20 1520.60 18.60 1805.21 2014-06-30 USD Billion [+]
[+]


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.

On the expenditure side, the increase this quarter (in seasonally adjusted volume terms) was driven by Net Exports (0.6 percentage points), Final consumption expenditure (0.5 percentage points), Public gross fixed capital formation (0.2 percentage points) and Changes in inventories (0.2 percentage points). These increases were partially offset by a decrease in Private gross fixed capital formation (-0.5 percentage points).

From the December quarter 2012 to December quarter 2013, Mining (0.6 percentage points) and Financial and insurance services (0.5 percentage points) industries were the largest contributors to total trend growth of 2.7%. Manufacturing, Electricity, gas, water and waste services, Wholesale trade and Accommodation and food services each detracted 0.1 percentage points in trend terms.

Compared with the fouth quarter of 2013, Australian economy grew 2.8 percent.

ABS | anna@tradingeconomics.com
3/5/2014 1:02:53 AM

RECENT RELEASES

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

Australian Economy Expands 0.6% QoQ in Q2
In the second quarter of 2013, Australian GDP accelerated a seasonally adjusted 0.6 percent over the previous three months, when it rose 0.5 percent. Growth for the quarter was driven by a 0.2 percent contribution from household consumption and 0.2 percent contribution from changes in inventories. Published on 2013-09-04


GDP Growth Rate | Notes
The GDP Growth Rate shows a percentage change in the seasonally adjusted GDP value in the certain quarter, compared to the previous quarter. Because of climatic conditions and holidays, the intensity of the production varies throughout the year. This makes a direct comparison of two consecutive quarters difficult. In order to adjust for these conditions, many countries calculate the quarterly GDP using so called seasonally adjusted method. The Gross Domestic Product can be determined using three different approaches: the product, the income, and the expenditure technique, which should give the same result. In sum, the product technique sums the outputs of every class of enterprise. The expenditure technique works on the principle that every product must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying products and services. The income technique works on the principle that the incomes of the productive factors must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes.


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