In 2022, agriculture contributed around 2.68 percent to the GDP of Australia, 27.48 percent came from industry, and 63.3 percent from the services sector. The same year, the Australian inflation rate, another important key indicator for its economic situation, amounted to 2.82 percent. Why is the inflation rate important?Inflation is the steady increase in price levels for consumer goods and services during a certain timespan. The European Central Bank considers a steady inflation rate of two percent a year beneficial for a stable economy – otherwise a country risks economic hardship. In the worst case, a country can experience either hyperinflation (like Venezuela), which is the rapid increase of prices to a point of economic collapse, or deflation, which is the decrease of prices and devaluation of money that can also lead to economic collapse. Up and down under Australia’s inflation has been clawing itself out of a slump in 2016, when it unceremoniously dropped to 1.25 percent due to falling petrol costs and oil prices. The following year, it recovered instantaneously and soared back to just under two percent, and forecasts see it reaching 2.52 percent by 2021. Australians don’t seem too worried about this outlier, and rightly so, since Australia’s economy is still one of the biggest in the Asia-Pacific region and worldwide.

The statistic depicts Australia's gross domestic product (GDP) from 1987 to 2023, with projections up until 2029. In 2023, GDP in Australia amounted to about 1.74 trillion US dollars. See global GDP for a global comparison.

Australia’s economy and population

Australia’s gross domestic product has been growing steadily, and all in all, Australia and its economic key factors show a well-set country. Australia is among the countries with the largest gross domestic product / GDP worldwide, and thus one of the largest economies. It was one of the few countries not severely stricken by the 2008 financial crisis; its unemployment rate, inflation rate and trade balance, for example, were hardly affected at all. In fact, the trade balance of Australia – a country’s exports minus its imports – has been higher than ever since 2010, with a slight dip in 2012. Australia mainly exports wine and agricultural products to countries like China, Japan or South Korea. One of Australia’s largest industries is tourism, which contributes a significant share to its gross domestic product. Almost half of approximately 23 million Australian residents are employed nowadays, life expectancy is increasing, and the fertility rate (the number of children born per woman) has been quite stable.

A look at the distribution of the world population by continent shows that Australia is ranked last in terms of population and population density. Most of Australia's population lives at the coast in metropolitan areas, since parts of the continent are uninhabitable. Unsurprisingly, Australia is known as a country with very high living standards, four of its biggest cities – Melbourne, Adelaide, Sydney and Perth – are among the most livable cities worldwide.

Australia GDP Composition by Sector, 2016 Discover more data with ReportLinker!

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.

The share in the global GDP adjusted for PPP in Australia was forecast to continuously decrease between 2024 and 2029 by in total 0.1 percentage points. After the third consecutive decreasing year, the share is estimated to reach 0.93 percent and therefore a new minimum in 2029. This indicator describes the share of a country's gross domestic product in the global gross domestic product. To this end the GDP (indicating the total value of final goods and services produced during a year) has been adjusted for purchasing power parity and set in relation to the purchasing power adjusted global GDP value.Find more statistics on other topics about Australia with key insights such as the growth of the real the gross domestic product, the budget balance in relation to the gross domestic product, and the total population.

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.

Australia GDP: sa: Gross Fixed Capital Formation: Public data was reported at 39,273.000 AUD mn in Sep 2024. This records an increase from the previous number of 36,782.000 AUD mn for Jun 2024. Australia GDP: sa: Gross Fixed Capital Formation: Public data is updated quarterly, averaging 6,113.000 AUD mn from Sep 1959 (Median) to Sep 2024, with 261 observations. The data reached an all-time high of 39,273.000 AUD mn in Sep 2024 and a record low of 274.000 AUD mn in Sep 1960. Australia GDP: sa: Gross Fixed Capital Formation: Public data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.A003: SNA08: Gross Domestic Product: by Expenditure: Current Price: Seasonally Adjusted.

Australia GDP per Capita: Chain Volume: 2022-23p: sa data was reported at 23,834.000 AUD in Sep 2024. This records a decrease from the previous number of 23,900.000 AUD for Jun 2024. Australia GDP per Capita: Chain Volume: 2022-23p: sa data is updated quarterly, averaging 17,615.000 AUD from Sep 1973 (Median) to Sep 2024, with 205 observations. The data reached an all-time high of 24,357.000 AUD in Jun 2022 and a record low of 10,936.000 AUD in Jun 1974. Australia GDP per Capita: Chain Volume: 2022-23p: sa data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.A170: SNA08: Gross Domestic Product per Capita.

In financial year 2019, Sydney accounted for the largest share of GDP of any other city or region in Australia, with a value estimated to be over 461 billion U.S. dollars. Australia's second largest city, Melbourne, also contributed the second largest share of GDP.

Australia GDP: 2016-17p: Tasmania data was reported at 30,266,000,000.000 AUD in 2018. This records an increase from the previous number of 29,298,000,000.000 AUD for 2017. Australia GDP: 2016-17p: Tasmania data is updated yearly, averaging 23,523,000,000.000 AUD from Jun 1990 (Median) to 2018, with 29 observations. The data reached an all-time high of 30,266,000,000.000 AUD in 2018 and a record low of 17,322,000,000.000 AUD in 1991. Australia GDP: 2016-17p: Tasmania data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.A067: SNA08: Gross Domestic Product and Gross Domestic Product per Capita: By State.

Australia's tourism gross domestic product (GDP) bounced back strong in 2023, recording an increase of 90.8 percent. After witnessing a significant decline in tourism GDP in 2020 and 2021, with tourism GDP taking a massive plunge of 36.2 percent in 2021 as a result of the coronavirus outbreak, the industry appears to be on the road to recovery. The state of the tourism industry in 2021 The coronavirus pandemic had an enormous negative effect on the travel and tourism industry worldwide. In Australia, all major tourism-related industries reported a decline in GVA on the previous year. International visitors were also restricted from entering the country, resulting in a significant drop in revenue from international visitors. China, as the origin of the COVID-19 virus, was the first country to be subjected to travel bans. This was particularly damaging to the Australian economy due to the high volume of Chinese visitors that visit Australia for work, leisure, and study. Hopes for a trans-Tasman travel bubble  Just as visitors to Australia were restricted, international travel for Australians became increasingly limited throughout 2020 and 2021. However, with New Zealand’s success at containing the virus, and incidents of COVID-19 in Australia declining at the end of April, the two countries opened negotiations for a “trans-Tasman travel bubble”. The concept would open travel for Australian and New Zealand residents across the Tasman sea, without the need to undergo quarantine in Australia or New Zealand. Unfortunately, after a second wave outbreak of coronavirus in Melbourne and subsequent outbreaks later in the year, the trans-Tasman bubble did not come to pass in 2020.

Australia GDP: 2018-19p: Victoria data was reported at 458,895.000 AUD mn in 2020. This records a decrease from the previous number of 461,248.000 AUD mn for 2019. Australia GDP: 2018-19p: Victoria data is updated yearly, averaging 321,695.000 AUD mn from Jun 1990 (Median) to 2020, with 31 observations. The data reached an all-time high of 461,248.000 AUD mn in 2019 and a record low of 195,546.000 AUD mn in 1992. Australia GDP: 2018-19p: Victoria data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.A167: SNA08: Gross Domestic Product and Gross Domestic Product per Capita: by State.

Australia GDP per Capita: 2016-17p: Tasmania data was reported at 57,686.000 AUD in 2018. This records an increase from the previous number of 56,364.000 AUD for 2017. Australia GDP per Capita: 2016-17p: Tasmania data is updated yearly, averaging 48,864.000 AUD from Jun 1990 (Median) to 2018, with 29 observations. The data reached an all-time high of 57,686.000 AUD in 2018 and a record low of 37,289.000 AUD in 1991. Australia GDP per Capita: 2016-17p: Tasmania data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.A067: SNA08: Gross Domestic Product and Gross Domestic Product per Capita: By State.

Australia GDP: Trend: Gross Fixed Capital Formation data was reported at 113,599.000 AUD mn in Mar 2019. This records a decrease from the previous number of 114,335.000 AUD mn for Dec 2018. Australia GDP: Trend: Gross Fixed Capital Formation data is updated quarterly, averaging 24,280.000 AUD mn from Sep 1959 (Median) to Mar 2019, with 239 observations. The data reached an all-time high of 114,844.000 AUD mn in Sep 2018 and a record low of 1,173.000 AUD mn in Sep 1959. Australia GDP: Trend: Gross Fixed Capital Formation data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.A002: SNA08: Gross Domestic Product: by Expenditure: Current Price: Trend.

The ratio of government expenditure to GDP in Australia was forecast to decrease between 2024 and 2029 by in total 0.8 percentage points. This overall decrease does not happen continuously, notably not in 2028 and 2029. The ratio is estimated to amount to 37.17 percent in 2029. This indicator depicts the general government expenditure as a share of the national gross domestic product. The International Monetary Fund defines the general government expenditure as consisting of total expense and the net acquisition of nonfinancial assets. The gross domestic product represents the total value of final goods and services produced during a year.Find more key insights for the ratio of government expenditure to GDP in countries like Vanuatu, Kiribati, and New Zealand.

Statistical information showing the number of businesses in Onkaparinga by major industry groups, employment size and turnover ranges

Australia GDP per Capita: Chain Volume: 2016-17p: sa data was reported at 18,335.000 AUD in Jun 2019. This records an increase from the previous number of 18,327.000 AUD for Mar 2019. Australia GDP per Capita: Chain Volume: 2016-17p: sa data is updated quarterly, averaging 12,720.500 AUD from Sep 1973 (Median) to Jun 2019, with 184 observations. The data reached an all-time high of 18,378.000 AUD in Jun 2018 and a record low of 8,684.000 AUD in Jun 1974. Australia GDP per Capita: Chain Volume: 2016-17p: sa data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.A170: SNA08: Gross Domestic Product per Capita. Rebased from 2016-17p to 2017-18p Replacement series ID: 425116407

Australian census data, mortality and fertility estimates from 1971-2014. All data compiled from Australian Bureau of Statistics sources. Also included is Australian GDP/GPI time series from World Bank.

Australia GDP: 2021-22p: sa: Contribution to Growth data was reported at 0.200 Index Point in Jun 2024. This stayed constant from the previous number of 0.200 Index Point for Mar 2024. Australia GDP: 2021-22p: sa: Contribution to Growth data is updated quarterly, averaging 0.750 Index Point from Sep 1960 (Median) to Jun 2024, with 256 observations. The data reached an all-time high of 4.400 Index Point in Mar 1976 and a record low of -6.700 Index Point in Jun 2020. Australia GDP: 2021-22p: sa: Contribution to Growth data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.A053: SNA08: Gross Domestic Product: by Expenditure: Chain Linked: 2021-22 Price: Seasonally Adjusted: Contribution to Growth.

Australia GDP: 2020-21p: FCE: sa: Tasmania: QoQ: Households data was reported at -0.500 % in Jun 2023. This records a decrease from the previous number of 0.500 % for Mar 2023. Australia GDP: 2020-21p: FCE: sa: Tasmania: QoQ: Households data is updated quarterly, averaging 0.600 % from Dec 1985 (Median) to Jun 2023, with 151 observations. The data reached an all-time high of 10.600 % in Sep 2020 and a record low of -13.300 % in Jun 2020. Australia GDP: 2020-21p: FCE: sa: Tasmania: QoQ: Households data remains active status in CEIC and is reported by Australian Bureau of Statistics. The data is categorized under Global Database’s Australia – Table AU.A140: SNA08: Gross Domestic Product: Final Consumption Expenditure: by State: Chain Linked: 2020-21 Price: QoQ: Seasonally Adjusted.