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


Australia GDP Growth Rate

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%

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.

3/5/2014 1:02:53 AM


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.


Australia Inflation Rate Accelerates Further in Q1  
Australian annual consumer prices advanced 2.9 percent in the first three months of 2014, up from 2.7 percent in the previous quarter, but below market forecasts. The rise was driven by seasonal increases in cost of healthcare, transport and school fees, and by a large hike in tobacco duties.
Australia's Jobless Rate Down to 5.8% in March  
Australia's seasonally adjusted unemployment rate decreased by 0.2 percentage points to 5.8 percent in March while the number of people employed increased by 18,100 to 11,553,200.
Australia Reports Third Monthly Trade Surplus in February  
Australia's trade surplus narrowed in February when compared to a downwardly revised result in the previous month, but performed better than analysts had expected.
Australia Leaves Rate Steady at 2.5%  
At its April 1st, 2014 meeting, the Reserve Bank of Australia decided to leave the cash rate unchanged at 2.5 percent, as it considers the current policy stance appropriate to support demand and growth.
Australia's Unemployment Rate Stable in February  
Australia's seasonally adjusted unemployment rate stayed at 6 percent in February as more people joined the labour force. The employment surged by 47,300, the biggest gain in 13 months and above forecasts.
Australia's Trade Surplus Hits 29-Month High in January  
Australia's trade surplus surged to $1,433m in seasonally adjusted terms in the first month of 2014, the highest value since August of 2011 as exports grew faster than imports.
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.
Australia Leaves Monetary Policy Unchanged  
At its March 4th, the Reserve Bank of Australia decided to leave cash rate unchanged at 2.5 percent for the sixth straight meeting, after sending a strong signal last month it wanted a period of interest rate stability.
Australia's Unemployment Rate Up to 6% in January  
Australia's seasonally adjusted unemployment rate increased by 0.2 percentage points to 6.0 percent in January, the highest level since July of 2003.
Australia Reports Trade Surplus in December  
Australia posted an unexpected trade surplus of $468m in December 2013, an increase of $385m (464%) on the surplus in November 2013. Exports rose 4% supported by the weakened Aussie dollar, while imports grew 2%.


US Durable Goods Orders Surge in March  
New orders for manufactured durable goods in March increased $6.0 billion or 2.6 percent to $234.8 billion. This increase, up two consecutive months, followed a 2.1 percent February increase.
US Jobless Claims Rise in Latest Week  
In the week ending April 19, the advance figure for seasonally adjusted initial claims was 329,000, an increase of 24,000 from the previous week's revised level. There were no special factors impacting this week's initial claims.
Central Bank of Turkey Leaves Main Rates on Hold  
The Monetary Policy Committee decided on April 24th, 2014, to leave the one-week repo rate on hold at 10.0 percent for the third straight meeting. The Central Bank said it will maintain the current policy stance until there is a significant improvement in the outlook for inflation.
Swiss Trade Surplus Narrows Further in March  
The trade surplus decreased 10.6 percent in March of 2014 from the previous month to CHF 2.1 billion as imports rose at a higher pace than exports. Compared with a year earlier, the trade balance increased by 17.2 percent, driven by stronger sales of pharmaceuticals and chemicals products, and machinery to Europe and China.
Polish Unemployment Rate Falls in March  
Poland’s jobless rate dropped for the second straight month in March of 2014 to 13.5 percent, down from 13.9 percent in February and below market forecasts. A year earlier, unemployment was recorded at 14.3 percent.
South Korean Economy Expands at a Fastest Pace  
In the first quarter of 2014, South Korea’s GDP accelerated for the fourth straight quarter to an annual 3.9 percent growth rate, driven by exports.
South Korea GDP Growth Beats Expectations in Q1  
South Korean GDP expanded a seasonally adjusted 0.9 percent on quarter in the first three months of 2014, the same rate recorded in the previous quarter and above market expectations.
Reserve Bank of New Zealand Increases Interest Rate to 3.0%  
At its April 23rd, 2014 meeting, the Reserve Bank of New Zealand lifted the benchmark interest rate for the second straight meeting by 25 bps to 3.0 percent, as inflationary pressures were increasing and were expected to continue doing so over the next two years.
US New Home Sales Fall Sharply in March  
Sales of new single-family houses dropped 14.5 percent in March of 2014 to their lowest level in eight months. Sales were recorded at a seasonally adjusted annual rate of 384,000, below the revised February rate of 449,000.
US Markit Manufacturing PMI Steady in April  
At 55.4 in April, the Markit Flash U.S. Manufacturing PMI was down fractionally from 55.5 in March, but still well above the neutral 50.0 value. Sharper rates of output and new business growth boosted the Manufacturing PMI during April, while the main negative influence on the headline index was a rise in the suppliers’ delivery times component.

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