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 Gross Domestic Product (GDP) in Australia was worth 1728.06 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Australia represents 1.64 percent of the world economy. This dataset provides - Australia GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

Key information about Australia Real GDP Growth

• The Gross Domestic Product (GDP) in Australia expanded 2.7 % YoY in Dec 2022, following a growth of 5.9 % in the previous quarter.
• Real GDP Growth YoY data in Australia is updated quarterly, available from Sep 1960 to Dec 2022, with an average rate of 3.2 %.
• The data reached an all-time high of 10.3 % in Jun 2021 and a record low of -5.8 % in Jun 2020.

• In the latest reports, Nominal GDP of Australia reached 414.7 USD bn in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 9.1 % in Dec 2022.
• GDP Per Capita in Australia reached 65,005.8 USD in Jun 2022.
• Its Gross Savings Rate was measured at 29.6 % in Dec 2022.
• For Nominal GDP contributions, Investment accounted for 23.7 % in Dec 2022.
• Public Consumption accounted for 20.4 % in Dec 2022.
• Private Consumption accounted for 49.9 % in Dec 2022.

Key information about Australia Nominal GDP Growth

• Australia Nominal GDP Growth was reported at 3.708 % in Dec 2024.
• This records an increase from the previous number of 3.512 % for Sep 2024.
• Australia Nominal GDP Growth data is updated quarterly, averaging 7.887 % from Sep 1960 to Dec 2024, with 258 observations.
• The data reached an all-time high of 23.811 % in Dec 1973 and a record low of -5.734 % in Jun 2020.
• Australia Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly: Seasonally Adjusted.

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.

This dataset provides values for GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Less: Imports of Goods and Services for Australia (NAEXKP07AUQ659S) from Q1 1961 to Q4 2024 about Australia, imports, goods, services, real, and GDP.

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.

Graph and download economic data for Real Gross Domestic Product for Australia (NGDPRSAXDCAUQ) from Q3 1959 to Q4 2024 about Australia, real, and GDP.

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product: Total for Australia (NAEXKP01AUA659S) from 1961 to 2024 about Australia, real, and GDP.

GDP: Western Australia data was reported at 455,707.000 AUD mn in 2024. This records an increase from the previous number of 446,066.000 AUD mn for 2023. GDP: Western Australia data is updated yearly, averaging 143,237.000 AUD mn from Jun 1990 (Median) to 2024, with 35 observations. The data reached an all-time high of 455,707.000 AUD mn in 2024 and a record low of 39,451.000 AUD mn in 1990. GDP: Western Australia 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.

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.

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 Gross Domestic Product per capita in Australia was last recorded at 60408.94 US dollars in 2023, when adjusted by purchasing power parity (PPP). The GDP per Capita, in Australia, when adjusted by Purchasing Power Parity is equivalent to 340 percent of the world's average. This dataset provides - Australia GDP per capita PPP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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.

Graph and download economic data for National Accounts: GDP by Expenditure: Constant Prices: Exports of Goods and Services for Australia (NAEXKP06AUQ659S) from Q1 1961 to Q3 2024 about Australia, exports, goods, services, real, and GDP.

Key information about Australia GDP Per Capita

• Australia Gross Domestic Product (GDP) per Capita reached 65,005.795 USD in Jun 2022, compared with 60,578.573 USD in Jun 2021.
• Australia GDP Per Capita data is updated yearly, available from Jun 1960 to Jun 2022, with an average number of 18,195.621 USD.
• The data reached an all-time high of 68,776.458 USD in Jun 2013 and a record low of 1,831.200 in Jun 1960.
• CEIC converts annual GDP per Capita into USD. The Australian Bureau of Statistics provides GDP per Capita in local currency. Federal Reserve Board average market exchange rate is used for currency conversions. GDP per Capita is in annual frequency, ending in June of each year.

• In the latest reports, Australia GDP expanded 5.865 % YoY in Sep 2022.
• Australia Nominal GDP reached 420.855 USD bn in Sep 2022.
• Its GDP deflator (implicit price deflator) increased 6.897 % in Sep 2022.
• Gross Savings Rate of Australia was measured at 28.534 % in Sep 2022.

Key information about Australia GDP Deflator Growth

• Australia GDP deflator (implicit price deflator) increased 9.1 % in Dec 2022, compared with an increase of 6.9 % in the previous quarter.
• Australia GDP Deflator Growth data is updated quarterly, available from Sep 1960 to Dec 2022, with an average rate of 4.1 %.
• The data reached an all-time high of 18.8 % in Dec 1974 and a record low of -2.1 % in Sep 2009.

• In the latest reports, Australia GDP expanded 2.7 % YoY in Dec 2022.
• Its Nominal GDP reached 414.7 USD bn in Dec 2022.
• Australia GDP Per Capita reached 65,005.8 USD in Jun 2022.
• Its Gross Savings Rate was measured at 29.6 % in Dec 2022.

Australia recorded a Current Account deficit of 2.10 percent of the country's Gross Domestic Product in 2024. This dataset provides - Australia Current Account to GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news.