The Australian economy grew by 0.2% qoq in Q2 of 2024, holding steady for the third quarter while falling short of market forecasts of 0.3%. This was the 11th period of quarterly growth but remained at the softest pace in five quarters, largely helped by a further rise in government spending (1.4% vs 1.2% in Q1) following extended social benefits. Meanwhile, household spending, accounting for half of GDP, was lower after rising in the prior two quarters (-0.2% vs 0.6% in Q1), on reduced discretionary expenses, notably transport services. Fixed investment added no contribution as it fell for the third quarter (-0.1% vs -0.6% ). On the trade front, exports of goods and services rose 0.5% but imports fell 0.2%. Changes in inventories detracted 0.3 ppts from after a build-up in Q1. The household savings ratio stayed subdued at 0.6%. Yearly, the GDP advanced 1.0%, the lowest since Q4 of 2020. The economy expanded 1.5% in 2023-24, the weakest since 1991-92, excluding the COVID-19 pandemic. source: Australian Bureau of Statistics

The Gross Domestic Product (GDP) in Australia expanded 0.20 percent in the second quarter of 2024 over the previous quarter. GDP Growth Rate in Australia averaged 0.82 percent from 1959 until 2024, reaching an all time high of 4.40 percent in the first quarter of 1976 and a record low of -6.90 percent in the second quarter of 2020. This page provides - Australia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on November of 2024.

The Gross Domestic Product (GDP) in Australia expanded 0.20 percent in the second quarter of 2024 over the previous quarter. GDP Growth Rate in Australia is expected to be 0.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia GDP Growth Rate is projected to trend around 0.60 percent in 2025 and 0.50 percent in 2026, according to our econometric models.




Calendar GMT Reference Actual Previous Consensus TEForecast
2024-06-05 01:30 AM
GDP Growth Rate QoQ
Q1 0.1% 0.3% 0.2% 0.1%
2024-09-04 01:30 AM
GDP Growth Rate QoQ
Q2 0.2% 0.2% 0.3% 0.3%
2024-12-04 12:30 AM
GDP Growth Rate QoQ
Q3 0.2% 0.5%


Related Last Previous Unit Reference
GDP Growth Rate YoY 1.00 1.30 percent Jun 2024
GDP Constant Prices 612180.00 610808.00 AUD Million Jun 2024
GDP from Agriculture 16062.00 16100.00 AUD Million Jun 2024
GDP from Construction 40178.00 39997.00 AUD Million Jun 2024
GDP from Manufacturing 31293.00 31073.00 AUD Million Jun 2024
GDP from Mining 80318.00 80555.00 AUD Million Jun 2024
GDP from Public Administration 31481.00 31303.00 AUD Million Jun 2024
GDP from Utilities 11671.00 11523.00 AUD Million Jun 2024
GDP Growth Rate 0.20 0.20 percent Jun 2024
GDP Capital Expenditure 143183.00 143343.00 AUD Million Jun 2024
Gross National Product 577955.00 581697.00 AUD Million Jun 2024

Australia GDP Growth Rate
Australia's economy is dominated by the service sector (65 percent of total GDP). Yet its economic success in recent years has been based on the mining (13.5 percent of GDP) and agriculture (2 percent of GDP) as the country is a major exporter of commodities. Other sectors include: manufacturing (11 percent) and construction (9.5 percent).
Actual Previous Highest Lowest Dates Unit Frequency
0.20 0.20 4.40 -6.90 1959 - 2024 percent Quarterly


News Stream
Australia Q2 GDP Growth Below Estimates
The Australian economy grew by 0.2% qoq in Q2 of 2024, holding steady for the third quarter while falling short of market forecasts of 0.3%. This was the 11th period of quarterly growth but remained at the softest pace in five quarters, largely helped by a further rise in government spending (1.4% vs 1.2% in Q1) following extended social benefits. Meanwhile, household spending, accounting for half of GDP, was lower after rising in the prior two quarters (-0.2% vs 0.6% in Q1), on reduced discretionary expenses, notably transport services. Fixed investment added no contribution as it fell for the third quarter (-0.1% vs -0.6% ). On the trade front, exports of goods and services rose 0.5% but imports fell 0.2%. Changes in inventories detracted 0.3 ppts from after a build-up in Q1. The household savings ratio stayed subdued at 0.6%. Yearly, the GDP advanced 1.0%, the lowest since Q4 of 2020. The economy expanded 1.5% in 2023-24, the weakest since 1991-92, excluding the COVID-19 pandemic.
2024-09-04
Australia Q1 GDP Growth Below Estimates
The Australian economy expanded 0.1% qoq in Q4 of 2023, easing from an upwardly revised 0.3% rise in Q4 and coming less than market forecasts of 0.2%. This was the 10th period of quarterly growth but the softest pace in 6 quarters, amid subdued domestic demand, a further fall in fixed investment, and a drag from net trade. Household spending grew more (0.4% vs 0.3% in Q4), mainly on essential items like electricity, rent, food, and health. Government expenditure also rose (1.0% vs 0.8%), on extended benefits for households. At the same time, fixed investment shrank further (-0.9% vs -0.2%), with private investment down for the first time in 5 quarters due to drops in non-dwelling investment, ownership transfer costs, and total dwellings. Imports of goods and services rose 5.1% while exports just added 0.7%. The build-up of inventories partly offset the rise in imports. The household savings ratio fell 0.9% after rising in Q4. Yearly, the GDP grew by 1.1%, the least since Q4 of 2020.
2024-06-05
Australia Q4 GDP Growth Below Forecasts
The Australian economy expanded 0.2% qoq in Q4 of 2023, easing from an upwardly revised figure in Q3 and market estimates of 0.3%. This was the ninth straight period of quarterly growth but the softest pace in 5 quarters, as household spending was subdued (0.1% vs -0.2% in Q3), reflecting efforts to maintain spending just on essential items like electricity, rent, food, and health. Meanwhile, government expenditure notably slowed (0.6% vs 1.5%), amid a fall in defense spending and continued government benefits for households. Fixed investment fell after growing in the prior 3 quarters (-0.2% vs 1.5%), with public investment dipping for the first time since Q3 of 2022 while a fall in private one was due to dwellings and machinery and equipment. Net trade contributed positively as exports of goods and services fell 0.3% while imports plunged 3.4%. The household savings ratio rose 3.2%, the first rise in 9 quarters. Through the year, the GDP grew by 1.5%, slightly above forecasts of 1.4%.
2024-03-06