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

The Australian economy unexpectedly contracted 0.5 percent in the third quarter of 2016, compared to an upwardly revised 0.6 percent growth in the June quarter and missing market consensus of a 0.3 percent expansion. It was the first contraction since the March quarter 2011 and the fastest fall since the December quarter 2008. Through the year, the economy grew by 1.8 percent, slowing sharply from a 3.3 percent expansion in the June quarter while market estimated a 2.5 percent growth. It was the weakest growth since the third quarter 2009. GDP Growth Rate in Australia averaged 0.85 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 -2.10 percent in the second quarter of 1974.

Australia GDP Growth Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
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%
2016-12-07 12:30 AM Q3 -0.5% 0.6% 0.3% 0.3%
2017-03-01 12:30 AM Q4 -0.5% 0.5%
2017-03-02 12:30 AM Q4 0.49%
2017-06-01 01:30 AM Q1 0.57%




Australia GDP Contracts for 1st Time in 5-1/2-Years in Q3


The Australian economy unexpectedly shrank 0.5 percent in the third quarter of 2016, compared to an upwardly revised 0.6 percent growth in the June quarter and missing market consensus of a 0.3 percent expansion. It was the first contraction since the March quarter 2011 and the fastest fall since the December quarter 2008, dragged down by investment and net trade.

Gross fixed capital formation dropped by 2.7 percent, substracting 0.7 percentage points from growth. Private investment fell 0.8 percent, driven by a 1.4 percent decline in dwelling, a 4.9 percent fall in ownership transfer costs and a 1.3 percent drop in non-dwelling construction. Private investment in new buildings detracted 0.3 percentage points from GDP growth, while new engineering and new and used dwellings detracted 0.2 and 0.1 percentage points respectively. Public investment decreased 10.4 percent and detracted 0.5 percentage points from growth, as state and local general government fell 13.0 percent and total national general government declined by 16.8 percent.

Exports of goods and services went up 0.3 percent while imports of goods and services grew at a faster 1.3 percent. Net exports detracted 0.2 percentage points from GDP growth. The change in total inventories was an increase of AUD 1,053 million in seasonally adjusted terms compared to a rise of AUD 435 million in the last quarter, contributing 0.1 percentage points to GDP. This increase was driven by a rise in wholesale trade and retail inventories.

In the September quarter, final consumption expenditure grew by 0.3 percent. Household spending  rose 0.4 percent, driven by a rise in hotels, cafes and restaurants: +2.2 percent and insurance and other financial services: +1.3 percent. Meanwhile, government expenditure shrank 0.2 percent.

By industry, mining declined by 0.8 percent (due to a drop in exploration and mining support services: -7.2 percent, other mining: -3.1 percent, oil and gas extraction: -1.3 percent and coal mining: -0.5 percent), followed by construction (-3.6 percent, driven by falls in all subdivisions), retail trade (-0.8 percent, due to a drop in food retailing) and rental, hiring and real estate services (-2.4 percent, driven by property operators and real estate services). In contrast, growth was seen in agriculture, forestry and fishing (+7.5 percent, driven primarily by rises in grains, cotton and livestock output) and information media and telecommunications (+1.6 percent, driven by rises in telecommunications and internet services).

Through the year, the economy grew by 1.8 percent, slowing sharply from a 3.3 percent expansion in the June quarter while market estimated a 2.5 percent growth. It was the weakest growth since the third quarter 2009.

Real net national disposable income increased by 0.8 percent quarter-on-quarter, up from a 0.5 percent rise in the June quarter, largely supported by a 4.5 percent increase in terms of trade. The terms of trade experienced its first consecutive quarterly increase since September quarter 2011.


ABS l Rida Husna | rida@tradingeconomics.com
12/7/2016 9:00:19 AM



Australia GDP Last Previous Highest Lowest Unit
GDP Growth Rate -0.50 0.60 4.40 -2.10 percent [+]
GDP Annual Growth Rate 1.80 3.10 9.00 -3.40 percent [+]
GDP 1339.54 1454.68 1563.90 18.60 USD Billion [+]
GDP Constant Prices 417688.00 419674.00 419674.00 60438.00 AUD Million [+]
Gross National Product 406142.00 402695.00 406142.00 55132.00 AUD Million [+]
Gross Fixed Capital Formation 101340.00 104168.00 114469.00 9479.00 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 9601.00 8934.00 9980.00 3301.00 AUD Million [+]
GDP From Construction 32222.00 33412.00 33842.00 7962.00 AUD Million [+]
GDP From Manufacturing 24657.00 24687.00 29210.00 15598.00 AUD Million [+]
GDP From Mining 28476.00 28705.00 29606.00 5812.00 AUD Million [+]
GDP From Public Administration 22750.00 22734.00 22757.00 7406.00 AUD Million [+]
GDP From Utilities 10629.00 10697.00 10768.00 3808.00 AUD Million [+]



Australia GDP Growth Rate Notes

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 December of 2016.

Actual Previous Highest Lowest Dates Unit Frequency
-0.50 0.60 4.40 -2.10 1959 - 2016 percent Quarterly



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