Australia GDP Growth Rate

Last Release

Dec 31, 2022

Actual

0.5

Units In

0.7

Frequency

Quarterly

Next Release

Mar 06, 2025

Time to Release

2 Months 29 Days 0 Hours

Highest	Lowest	Average	Date Range	Source
4.4 Mar 1976	-6.8 Jun 2020	0.83 %	1959-2022	Australian Bureau of Statistics

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).

Latest Updates

The Australian economy grew by 0.3% qoq in Q3 2024, following a 0.2% increase in the prior three quarters. This marked the 12th straight period of quarterly growth but fell short of market expectations of 0.4%. Fixed investment picked up strongly, marking the strongest growth in 5 quarters (1.5% vs. 0.2% in Q2) and contributing 0.4ppts to the GDP, primarily driven by a record-high public investment (6.3% vs -1.1%). Government spending growth was stable (at 1.4%), as social benefits to households extended. Household spending remained flat, after a 0.3% decline in Q2, as a rebate-driven drop in electricity spending was offset by increases in other categories. On the trade front, exports of goods and services were 0.2% higher while imports fell by 0.3%, adding 0.1ppts to GDP. Changes in inventories subtracted 0.4ppts, reducing for the second consecutive quarter. The household savings ratio rose to 3.2% from the previous 2.4%. Yearly, the GDP expanded by 0.8%, the lowest since Q4 of 2020.