The statistic shows the growth rate of Australia’s real GDP from 2019 to 2023, with projections up until 2029. In 2023, GDP in Australia grew by about 2.06 percent on the previous year.

The recession-proof land down under

GDP is one of the primary indicators used to gauge the state and health of a country’s economy. It is the total market value of all final goods and services that have been produced within a country in a given period of time, usually a year. GDP figures allow us to understand a country’s economy in a clear way. Real GDP, in a similar vein, is also a very useful indicator; this is a measurement that takes prices changes (inflation and deflation) into account, therefore acting as a key indicator for economic growth.

The gross domestic product (GDP) growth rate in Australia has, for sometime, been able to get a steady foothold in the somewhat shaky post-recession world, shaky, but far from catastrophic. The annual growth rate between the 2008 and 2009 financial years, for example, a time at which the world was brought to its proverbial knees, saw growth rates down under reach to 2.49 and 1.37 percent respectively on the previous years, whereas the GDP growth rate in the United States plummeted well into the minus zone. Australia, like all other capitalist nations, is at the mercy of international markets, and when the world economy takes a hit, it would be foolish to suggest it could emerge fully unscathed. However, Australia has earned some much deserved praise and attention owing to the fact that it has managed to remain recession-free for the past twenty years. This could be thanks to its abundance of raw materials, the Australian mining boom, the fact the recession came at a time of high commodity prices and, maybe most importantly, that just under a third of its exports go to China.

Australia Ref. Year = 2017-18: Gross Domestic Product (GDP): Volume : Single Hit Scenario data was reported at 1,880.000 AUD bn in 2021. This records an increase from the previous number of 1,810.000 AUD bn for 2020. Australia Ref. Year = 2017-18: Gross Domestic Product (GDP): Volume : Single Hit Scenario data is updated yearly, averaging 794.000 AUD bn from Dec 1960 (Median) to 2021, with 62 observations. The data reached an all-time high of 1,910.000 AUD bn in 2019 and a record low of 265.000 AUD bn in 1961. Australia Ref. Year = 2017-18: Gross Domestic Product (GDP): Volume : Single Hit Scenario data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Australia – Table AU.OECD.EO: GDP by Expenditure: Volume: Forecast: OECD Member: Annual. GDPV - Gross domestic product, volume Expenditure approach Gross domestic product:https://stats.oecd.org/glossary/detail.asp?ID=1163 Gross domestic product at market prices:https://stats.oecd.org/glossary/detail.asp?ID=1170 Gross domestic product at constant prices:https://stats.oecd.org/glossary/detail.asp?ID=1164 System of national Accounts 2008:https://unstats.un.org/unsd/nationalaccount/docs/sna2008.pdf European system of accounts ESA2010:https://ec.europa.eu/eurostat/documents/3859598/5925693/KS-02-13-269-EN.PDF/44cd9d01-bc64-40e5-bd40-d17df0c69334 Understanding NATIONAL ACCOUNTS:https://www.oecd.org/sdd/UNA-2014.pdf

The gross domestic product (GDP) per capita in Australia was forecast to continuously increase between 2024 and 2029 by in total 10,443 U.S. dollars (+15.83 percent). After the sixth consecutive increasing year, the GDP per capita is estimated to reach 76,408.6 U.S. dollars and therefore a new peak in 2029. This indicator describes the gross domestic product per capita at current prices. Thereby the gross domestic product was first converted from national currency to U.S. dollars at current exchange prices and then divided by the total population. The gross domestic products is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).Find more key insights for the gross domestic product (GDP) per capita in countries like Samoa, Solomon Islands, and Marshall Islands.

Coal rents (% of GDP) in Australia was reported at 0.78646 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. Australia - Coal rents (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

GDP per capita (current LCU) in Australia was reported at 96310 LCU in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Australia - GDP per capita (current LCU) - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

Australia General Government: % of GDP: Primary Balance data was reported at -0.886 % in Dec 2024. This records an increase from the previous number of -0.920 % for Sep 2024. Australia General Government: % of GDP: Primary Balance data is updated quarterly, averaging -0.489 % from Mar 1989 to Dec 2024, with 144 observations. The data reached an all-time high of 5.126 % in Sep 1999 and a record low of -20.898 % in Jun 2020. Australia General Government: % of GDP: Primary Balance data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Australia – Table AU.OECD.EO: Government Accounts: % of GDP: Forecast: OECD Member: Quarterly. NLGXQ - General government primary balance, as a percentage of GDPGeneral government net lending excluding net interest payments OECD calculation, see OECD Economic Outlook, Database Inventory OECD Economic Outlook, Database Inventory: http://www.oecd.org/eco/outlook/Database_Inventory.pdf

Australia Ref. Year = 2017-18: GDP: Volume: Gross Capital Formation: Gross Fixed Capital Formation (GFCF): Double Hit Scenario data was reported at 385.000 AUD bn in 2021. This records a decrease from the previous number of 393.000 AUD bn for 2020. Australia Ref. Year = 2017-18: GDP: Volume: Gross Capital Formation: Gross Fixed Capital Formation (GFCF): Double Hit Scenario data is updated yearly, averaging 151.500 AUD bn from Dec 1960 (Median) to 2021, with 62 observations. The data reached an all-time high of 475.000 AUD bn in 2012 and a record low of 42.111 AUD bn in 1960. Australia Ref. Year = 2017-18: GDP: Volume: Gross Capital Formation: Gross Fixed Capital Formation (GFCF): Double Hit Scenario data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Australia – Table AU.OECD.EO: GDP by Expenditure: Volume: Forecast: OECD Member: Annual. ITV - Gross fixed capital formation, total, volume Gross fixed capital formation (SNA):https://stats.oecd.org/glossary/detail.asp?ID=1171 System of national Accounts 2008:https://unstats.un.org/unsd/nationalaccount/docs/sna2008.pdf European system of accounts ESA2010:https://ec.europa.eu/eurostat/documents/3859598/5925693/KS-02-13-269-EN.PDF/44cd9d01-bc64-40e5-bd40-d17df0c69334 Understanding NATIONAL ACCOUNTS:https://www.oecd.org/sdd/UNA-2014.pdf

Australia Ref. Year = 2017-18: GDP: Volume: Final Consumption Expenditure: Private: Double Hit Scenario data was reported at 980.000 AUD bn in 2021. This records an increase from the previous number of 969.000 AUD bn for 2020. Australia Ref. Year = 2017-18: GDP: Volume: Final Consumption Expenditure: Private: Double Hit Scenario data is updated yearly, averaging 429.000 AUD bn from Dec 1960 (Median) to 2021, with 62 observations. The data reached an all-time high of 1,070.000 AUD bn in 2019 and a record low of 142.000 AUD bn in 1960. Australia Ref. Year = 2017-18: GDP: Volume: Final Consumption Expenditure: Private: Double Hit Scenario data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Australia – Table AU.OECD.EO: GDP by Expenditure: Volume: Forecast: OECD Member: Annual. CPV-Private final consumption expenditure, volume Final consumption:https://stats.oecd.org/glossary/detail.asp?ID=951 NPISH final consumption:https://stats.oecd.org/glossary/detail.asp?ID=1855 Household final consumption:https://stats.oecd.org/glossary/detail.asp?ID=1257 System of national Accounts 2008:https://unstats.un.org/unsd/nationalaccount/docs/sna2008.pdf European system of accounts ESA2010:https://ec.europa.eu/eurostat/documents/3859598/5925693/KS-02-13-269-EN.PDF/44cd9d01-bc64-40e5-bd40-d17df0c69334 Understanding NATIONAL ACCOUNTS:https://www.oecd.org/sdd/UNA-2014.pdf

GDP deflator (base year varies by country) in Australia was reported at 100 year in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Australia - GDP deflator (base year varies by country) - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

The benchmark interest rate in Australia was last recorded at 4.10 percent. This dataset provides - Australia Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Financial system deposits to GDP (%) in Australia was reported at 112 % in 2021, according to the World Bank collection of development indicators, compiled from officially recognized sources. Australia - Financial system deposits to GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

Domestic credit to private sector (% of GDP) in Australia was reported at 127 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Australia - Domestic credit to private sector (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

Australia Ref. Year = 2017-18: GDP: Volume: Imports of Goods and Services: Double Hit Scenario data was reported at 361.000 AUD bn in 2021. This records an increase from the previous number of 351.000 AUD bn for 2020. Australia Ref. Year = 2017-18: GDP: Volume: Imports of Goods and Services: Double Hit Scenario data is updated yearly, averaging 72.245 AUD bn from Dec 1960 (Median) to 2021, with 62 observations. The data reached an all-time high of 400.000 AUD bn in 2018 and a record low of 14.145 AUD bn in 1961. Australia Ref. Year = 2017-18: GDP: Volume: Imports of Goods and Services: Double Hit Scenario data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Australia – Table AU.OECD.EO: GDP by Expenditure: Volume: Forecast: OECD Member: Annual. MGSV - Imports of goods and services, volume (national accounts basis) System of national Accounts 2008:https://unstats.un.org/unsd/nationalaccount/docs/sna2008.pdf European system of accounts ESA2010:https://ec.europa.eu/eurostat/documents/3859598/5925693/KS-02-13-269-EN.PDF/44cd9d01-bc64-40e5-bd40-d17df0c69334 Understanding NATIONAL ACCOUNTS:https://www.oecd.org/sdd/UNA-2014.pdf

Australia recorded a Government Debt to GDP of 43.80 percent of the country's Gross Domestic Product in 2024. This dataset provides - Australia Government Debt To GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The statistic shows the inflation rate in Australia from 1987 to 2022, with projections up until 2029. The inflation rate is calculated using the price increase of a defined product basket. This product basket contains products and services, on which the average consumer spends money throughout the year. They include expenses for groceries, clothes, rent, power, telecommunications, recreational activities and raw materials (e.g. gas, oil), as well as federal fees and taxes. In 2022, the average inflation rate in Australia was at about 6.61 percent compared to the previous year.

Australia's economy

Australia has one of the world’s largest economies and is a significant global importer and exporter. It is also labeled as one of the G20 countries, also known as the Group of Twenty, which consists of 20 major economies around the globe. The Australian economy is highly dependent on its mining sector as well as its agricultural sector in order to grow, and it exports the majority of these goods to eastern Asian countries, most prominently China. Large quantities of exports have helped Australia maintain a stable economy and furthered economic expansion, despite being affected by several economic obstacles.

Australia’s GDP has seen a significant increase over the past decade, more than doubling its value, and experienced a rather quick recovery from the 2008 financial crisis, which indicates that the country experienced economic growth as well as higher productivity. One of the primary reasons is the further development of the nation’s mining industry coupled with the expansion and success of many Australian mining companies.

The growth of the real gross domestic product (GDP) in New Zealand was forecast to increase between 2024 and 2029 by in total 2.4 percentage points. This overall increase does not happen continuously, notably not in 2027. The growth is estimated to amount to 2.42 percent in 2029. As described by the International Monetary Fund, this indicator describes the annual change in the gross domestic product at constant prices. This is expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.Find more key insights for the growth of the real gross domestic product (GDP) in countries like Papua New Guinea, Samoa, and Australia.

Gross capital formation (% of GDP) in Australia was reported at 23.97 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Australia - Gross capital formation (% of GDP) - actual values, historical data, forecasts and projections were sourced from the World Bank on March of 2025.

australia - Ratio of GNP to GDP for Australia was 96.72% in January of 2010, according to the United States Federal Reserve. Historically, australia - Ratio of GNP to GDP for Australia reached a record high of 100.00 in January of 1961 and a record low of 95.80 in January of 2007. Trading Economics provides the current actual value, an historical data chart and related indicators for australia - Ratio of GNP to GDP for Australia - last updated from the United States Federal Reserve on March of 2025.

Australia Ref. Year = 2017-18: GDP: Volume: Gross Capital Formation: Single Hit Scenario data was reported at 402.000 AUD bn in 2021. This records an increase from the previous number of 392.000 AUD bn for 2020. Australia Ref. Year = 2017-18: GDP: Volume: Gross Capital Formation: Single Hit Scenario data is updated yearly, averaging 157.000 AUD bn from Dec 1960 (Median) to 2021, with 62 observations. The data reached an all-time high of 481.000 AUD bn in 2012 and a record low of 61.289 AUD bn in 1961. Australia Ref. Year = 2017-18: GDP: Volume: Gross Capital Formation: Single Hit Scenario data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Australia – Table AU.OECD.EO: GDP by Expenditure: Volume: Forecast: OECD Member: Annual. ITISKV - Gross capital formation, total, volume System of national Accounts 2008:https://unstats.un.org/unsd/nationalaccount/docs/sna2008.pdf European system of accounts ESA2010:https://ec.europa.eu/eurostat/documents/3859598/5925693/KS-02-13-269-EN.PDF/44cd9d01-bc64-40e5-bd40-d17df0c69334 Understanding NATIONAL ACCOUNTS:https://www.oecd.org/sdd/UNA-2014.pdf

Australia General Government: % of GDP: Primary Balance: Double Hit Scenario data was reported at -4.910 % in Dec 2021. This records an increase from the previous number of -4.963 % for Sep 2021. Australia General Government: % of GDP: Primary Balance: Double Hit Scenario data is updated quarterly, averaging 0.201 % from Mar 1989 (Median) to Dec 2021, with 132 observations. The data reached an all-time high of 5.095 % in Sep 1999 and a record low of -19.410 % in Jun 2020. Australia General Government: % of GDP: Primary Balance: Double Hit Scenario data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Australia – Table AU.OECD.EO: Government Accounts: % of GDP: Forecast: OECD Member: Quarterly. NLGXQ - General government primary balance, as a percentage of GDPGeneral government net lending excluding net interest payments OECD calculation, see OECD Economic Outlook, Database Inventory OECD Economic Outlook, Database Inventory:https://www.oecd.org/eco/outlook/Database_Inventory.pdf