Australia GDP Growth Rate

The Gross Domestic Product (GDP) in Australia expanded 0.60 percent in the fourth quarter of 2012 over the previous quarter. GDP Growth Rate in Australia is reported by the Australian Bureau of Statistic. Historically, from 1959 until 2012, Australia GDP Growth Rate averaged 0.89 Percent reaching an all time high of 4.50 Percent in March of 1976 and a record low of -2 Percent in June 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 includes a chart with historical data for Australia GDP Growth Rate.

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Australia GDP Growth Rate
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Australia Economy Expands 0.6 Percent in Q4
ABS | Nuno Fontes | nuno@tradingeconomics.com  |  3/6/2013 8:46:16 AM


In seasonally adjusted terms, GDP increased by 0.6 percent in the December of 2012 quarter. The Terms of trade fell 2.7 percent, and real gross domestic income was flat in the December quarter.

Growth for the quarter was driven by a 1.1 percent contribution from public investment, and a 0.6 percent contribution from net exports. These increases were partially offset by a -1.0 percent contribution from private investment and a -0.4 percent contribution from changes in inventories.

The industries that drove growth in the December quarter were Mining, Manufacturing, Health and Finance, with each industry contributing 0.1 per cent to the increase in GDP.
 
Compared to the same quarter from a year earlier, GDP increased 3.1 percent in the December of 2012 quarter. Gross value added per hour worked in the market sector increased 0.5 percent and the Terms of trade fell 2.9 percent. Through the year GDP growth was 3.1 percent.

ARCHIVE
Australian Economy Grows in Q3 The gross domestic product in Australia was up a seasonally adjusted 0.5 percent in the third quarter of 2012. On a yearly basis, GDP expanded 3.1 percent. 2012-12-05
Australian Economy Grows 0.7% in Q4 In Australia, in seasonally adjusted terms, GDP increased 0.7% in the December quarter, while non-farm GDP rose 0.8%. Through the year GDP growth was 2.7%. 2011-03-02
Australia's Economic Growth Remains Solid in Q2 The gross domestic product in Australia was up a seasonally adjusted 0.6 percent in the second quarter of 2012. On a yearly basis, GDP expanded 3.7 percent, slowing from 4.3 percent in the previous three months. 2012-09-05
Australia GDP Slows to 0.2% in Third Quarter Australia's economy grew at its slowest pace in nearly two years in the third quarter, as global volatility and a soaring currency weighed on exports, pushing the country's dollar sharply lower Wednesday. 2010-12-02
Australia's GDP Growth Slows in Q4 In seasonally adjusted terms, GDP increased 0.4% in the December quarter; through the year GDP growth was 2.3%. 2012-03-07
Australian Economic Growth Accelerates Australia’s economy grew at the fastest pace in three years last quarter, stoked by China’s demand for iron ore. 2010-08-31
Australia's GDP Grows 1% in Q3 In seasonally adjusted terms, Australia's GDP increased 1.0% in the September quarter, through the year GDP growth was 2.5%. 2011-12-07
Australia's Growth May Gain Momentum by the End of This Year In 2009, unlike many other major economies, Australia recorded year-over-year growth due to a strong banking system and successful monetary and fiscal policy. And although the pace of expansion in the first quarter of 2010 was weaker than expected, the recent surge in commodity prices, improving labor market and strong domestic demand are likely to support sustainable growth this year. 2010-08-05
Australian Economy Contracts 1.2% in Q1 Australia's economy suffered its biggest contraction in 20 years in the first quarter as resource exports collapsed due to floods in a major coal-producing region, exposing the nation's growing dependence on mining revenue. 2011-06-01



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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