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 (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.

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

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.

Graph and download economic data for Nominal Gross Domestic Product for Australia (NGDPSAXDCAUQ) from Q3 1959 to Q3 2024 about Australia and GDP.

Australia Goods Trade: % of GDP data was reported at 38.117 % in 2023. This records a decrease from the previous number of 42.693 % for 2022. Australia Goods Trade: % of GDP data is updated yearly, averaging 29.338 % from Dec 1960 (Median) to 2023, with 64 observations. The data reached an all-time high of 42.693 % in 2022 and a record low of 22.076 % in 1972. Australia Goods Trade: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Australia – Table AU.World Bank.WDI: Trade Statistics. Merchandise trade as a share of GDP is the sum of merchandise exports and imports divided by the value of GDP, all in current U.S. dollars.;World Trade Organization, and World Bank GDP estimates.;Weighted average;

Australia GDP: % of Manufacturing: Food, Beverages and Tobacco data was reported at 23.010 % in 2022. This records a decrease from the previous number of 25.477 % for 2021. Australia GDP: % of Manufacturing: Food, Beverages and Tobacco data is updated yearly, averaging 18.406 % from Dec 1963 (Median) to 2022, with 34 observations. The data reached an all-time high of 27.037 % in 2014 and a record low of 13.908 % in 1968. Australia GDP: % of Manufacturing: Food, Beverages and Tobacco data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Australia – Table AU.World Bank.WDI: Gross Domestic Product: Share of GDP. Value added in manufacturing is the sum of gross output less the value of intermediate inputs used in production for industries classified in ISIC major division D. Food, beverages, and tobacco correspond to ISIC divisions 15 and 16.;United Nations Industrial Development Organization, International Yearbook of Industrial Statistics.;;

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.

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.

Australia GDP: Northern Territory data was reported at 33,132.000 AUD mn in 2024. This records an increase from the previous number of 33,059.000 AUD mn for 2023. Australia GDP: Northern Territory data is updated yearly, averaging 14,559.000 AUD mn from Jun 1990 (Median) to 2024, with 35 observations. The data reached an all-time high of 33,132.000 AUD mn in 2024 and a record low of 4,269.000 AUD mn in 1990. Australia GDP: Northern Territory 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: Growth:(GDP) Gross Domestic Productper Capita data was reported at 0.941 % in 2023. This records a decrease from the previous number of 2.924 % for 2022. Australia GDP: Growth:(GDP) Gross Domestic Productper Capita data is updated yearly, averaging 1.897 % from Dec 1961 (Median) to 2023, with 63 observations. The data reached an all-time high of 5.085 % in 1970 and a record low of -3.553 % in 1983. Australia GDP: Growth:(GDP) Gross Domestic Productper Capita data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Australia – Table AU.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual percentage growth rate of GDP per capita based on constant local currency. GDP per capita is gross domestic product divided by midyear population. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.;World Bank national accounts data, and OECD National Accounts data files.;Weighted average;

Graph and download economic data for Nominal Gross Domestic Product for Australia (NGDPXDCAUA) from 1960 to 2024 about Australia and GDP.

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.

Australia GDP: Victoria data was reported at 606,096.000 AUD mn in 2024. This records an increase from the previous number of 572,229.000 AUD mn for 2023. Australia GDP: Victoria data is updated yearly, averaging 261,500.000 AUD mn from Jun 1990 (Median) to 2024, with 35 observations. The data reached an all-time high of 606,096.000 AUD mn in 2024 and a record low of 104,702.000 AUD mn in 1992. Australia GDP: 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.

GDP External Demand Contribution in Australia increased to 0.20 percentage points in the fourth quarter of 2024 from 0.10 percentage points in the third quarter of 2024. This dataset includes a chart with historical data for Australia GDP External Demand Contribution.

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.

Graph and download economic data for Total Credit to Private Non-Financial Sector, Adjusted for Breaks, for Australia (QAUPAM770A) from Q2 1960 to Q3 2024 about Australia, adjusted, credits, nonfinancial, sector, and private.

GDP from Agriculture in Australia increased to 19686 AUD Million in the fourth quarter of 2024 from 18350 AUD Million in the third quarter of 2024. This dataset provides - Australia Gdp From Agriculture- actual values, historical data, forecast, chart, statistics, economic calendar and news.