The Australian economy expanded 0.2% qoq in Q1 of 2023, below market forecasts of a 0.3% increase, and after an upwardly revised 0.6% rise in Q4. This was the sixth consecutive period of economic growth but the softest pace in the sequence, as household consumption rose the least in six quarters (0.2%% vs 0.3% in Q4) due to persistent cost pressures and elevated interest rates. The household savings ratio fell to 3.7%, the lowest since Q2 of 2008, from the prior 4.5%. Also, government spending growth slowed sharply (0.1% vs 0.6%), while net trade contributed negatively as exports (1.1%) increased less than imports (3.2%). Meanwhile, private investment rose (1.4% vs -0.9%), supported by machinery and equipment, non-dwelling & dwelling, and intellectual property products. Public investment gained (3.0% vs -1.2%), due to rises in state and local govt, state and local corporations, and non-defense. Through the year, the economy grew by 2.3%, slowing from a 2.7% gain in Q4. source: Australian Bureau of Statistics
GDP Growth Rate in Australia averaged 0.83 percent from 1959 until 2023, reaching an all time high of 4.40 percent in the first quarter of 1976 and a record low of -6.70 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 August of 2023.
GDP Growth Rate in Australia is expected to be 0.10 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 0.50 percent in 2024 and 0.60 percent in 2025, according to our econometric models.