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 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.

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.

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.

GDP Nowcast: Australia: Current Quarter data was reported at 1.329 % in 14 Feb 2025. This records a decrease from the previous number of 1.333 % for 06 Feb 2025. GDP Nowcast: Australia: Current Quarter data is updated daily, averaging 0.996 % from Mar 2024 (Median) to 14 Feb 2025, with 119 observations. The data reached an all-time high of 1.827 % in 23 Mar 2024 and a record low of 0.447 % in 08 Dec 2024. GDP Nowcast: Australia: Current Quarter data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Australia – Table AU.CEIC.GDPNC: Gross Domestic Product: Nowcast.

Australia GDP: Growth: Volume: Final Consumption Expenditure: Government data was reported at 2.167 % in 2026. This records a decrease from the previous number of 2.267 % for 2025. Australia GDP: Growth: Volume: Final Consumption Expenditure: Government data is updated yearly, averaging 3.889 % from Dec 1961 (Median) to 2026, with 66 observations. The data reached an all-time high of 10.968 % in 1965 and a record low of -0.160 % in 1982. Australia GDP: Growth: Volume: Final Consumption Expenditure: Government 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: Growth and Contribution to Growth: Forecast: OECD Member: Annual. CGV_ANNPCT - Government final consumption expenditure, volume, growth. Percentage change compared to the previous period. Quarterly growth expressed at annual rate.

Australia Gross Domestic Product (GDP): Value: 2015 Exchange Rates: USD data was reported at 2,197.536 USD bn in Dec 2025. This records an increase from the previous number of 2,171.223 USD bn for Sep 2025. Australia Gross Domestic Product (GDP): Value: 2015 Exchange Rates: USD data is updated quarterly, averaging 335.250 USD bn from Mar 1960 (Median) to Dec 2025, with 264 observations. The data reached an all-time high of 2,197.536 USD bn in Dec 2025 and a record low of 12.487 USD bn in Mar 1960. Australia Gross Domestic Product (GDP): Value: 2015 Exchange Rates: USD 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: Forecast: OECD Member: Quarterly. GDP_USD - Gross domestic product, nominal value, constant exchange rates OECD calculation, see OECD Economic Outlook database documentation

Australia GDP for 2023 was 1.724 trillion US dollars, a 1.82% increase from 2022.

• Australia GDP for 2022 was 1.693 trillion US dollars, a 8.59% increase from 2021.
• Australia GDP for 2021 was 1.559 trillion US dollars, a 17.19% increase from 2020.
• Australia GDP for 2020 was 1.330 trillion US dollars, a 4.61% decline from 2019.

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. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.

The tourism sector GDP share in Australia was forecast to increase between 2023 and 2028 by in total 2.5 percentage points. This overall increase does not happen continuously, notably not in 2026 and 2027. The share is estimated to amount to 10.69 percent in 2028. While the share was forecast to increase significant in the next years, the increase will slow down in the future.Depited is the economic contribution of the tourism sector in relation to the gross domestic product of the country or region at hand.The forecast has been adjusted for the expected impact of COVID-19.The shown data are an excerpt of Statista's Key Market Indicators (KMI). The KMI are a collection of primary and secondary indicators on the macro-economic, demographic and technological environment in more than 150 countries and regions worldwide. All input data are sourced from international institutions, national statistical offices, and trade associations. All data has been are processed to generate comparable datasets (see supplementary notes under details for more information).Find more key insights for the tourism sector GDP share in countries like Fiji and New Zealand.

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.

In 2025, Luxembourg was the country with the highest gross domestic product per capita in the world. Of the 20 listed countries, 13 are in Europe and four are in Asia, alongside the U.S., Canada, and Australia. There are no African or Latin American countries among the top 20. Correlation with high living standards While GDP is a useful indicator for measuring the size or strength of an economy, GDP per capita is much more reflective of living standards. For example, when compared to life expectancy or indices such as the Human Development Index or the World Happiness Report, there is a strong overlap - 14 of the 20 countries on this list are also ranked among the 20 happiest countries in 2024, and all 20 have "very high" HDIs. Misleading metrics? GDP per capita figures, however, can be misleading, and to paint a fuller picture of a country's living standards then one must look at multiple metrics. GDP per capita figures can be skewed by inequalities in wealth distribution, and in countries such as those in the Middle East, a relatively large share of the population lives in poverty while a smaller number live affluent lifestyles.

Australia Contribution to Growth in Real GDP: Net Exports data was reported at 0.002 % in 2026. This records an increase from the previous number of 0.001 % for 2025. Australia Contribution to Growth in Real GDP: Net Exports data is updated yearly, averaging 0.001 % from Dec 1961 (Median) to 2026, with 66 observations. The data reached an all-time high of 0.043 % in 1961 and a record low of -0.031 % in 1974. Australia Contribution to Growth in Real GDP: Net Exports 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: Growth and Contribution to Growth: Forecast: OECD Member: Annual. CQ_FBGSV-Net exports, contribution to growth in real GDP

Australia Output Gap of Total Economy data was reported at -0.772 % in 2026. This records an increase from the previous number of -1.101 % for 2025. Australia Output Gap of Total Economy data is updated yearly, averaging 0.115 % from Dec 1985 (Median) to 2026, with 42 observations. The data reached an all-time high of 2.270 % in 1989 and a record low of -4.027 % in 2020. Australia Output Gap of Total Economy 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: Potential Output and Output Gap: Forecast: OECD Member: Annual. GAP - Output gap, as a percentage of potential GDP OECD calculation, see OECD Economic Outlook database documentation

In 2020, the GDP shrunk by 2.4 percent in Australia, and inflation was at an all-time low at 0.9 percent over the last 20 years. In 2021, the GDP is predicted to grow by 4.5 percent, and inflation to grow by 1.7 percent. According to the forecast, the Gross Domestic Product and inflation will grow weakly over the next five years in Australia.

Australia debt to gdp ratio for 2022 was 57.97%, a 11.93% decline from 2021.

• Australia debt to gdp ratio for 2021 was 69.91%, a 0.69% increase from 2020.
• Australia debt to gdp ratio for 2020 was 69.22%, a 9.08% increase from 2019.
• Australia debt to gdp ratio for 2019 was 60.14%, a 5.71% increase from 2018.

Debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.

Australia GDP: Growth: Volume: Final Domestic Expenditure data was reported at 2.372 % in 2026. This records an increase from the previous number of 1.815 % for 2025. Australia GDP: Growth: Volume: Final Domestic Expenditure data is updated yearly, averaging 3.775 % from Dec 1961 (Median) to 2026, with 66 observations. The data reached an all-time high of 7.043 % in 1963 and a record low of -2.237 % in 2020. Australia GDP: Growth: Volume: Final Domestic Expenditure 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: Growth and Contribution to Growth: Forecast: OECD Member: Annual. FDDV_ANNPCT - Final domestic expenditure, volume, growth. Percentage change compared to the previous period. Quarterly growth expressed at annual rate.

GDP Nowcast: Australia: Impact: Next Quarter: Labour Market: Unemployment data was reported at -0.145 % Point in Jan 2025. This records a decrease from the previous number of -0.072 % Point for Dec 2024. GDP Nowcast: Australia: Impact: Next Quarter: Labour Market: Unemployment data is updated monthly, averaging 0.005 % Point from Sep 2024 (Median) to Jan 2025, with 5 observations. The data reached an all-time high of 0.119 % Point in Nov 2024 and a record low of -0.145 % Point in Jan 2025. GDP Nowcast: Australia: Impact: Next Quarter: Labour Market: Unemployment data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Australia – Table AU.CEIC.GDPNC: Gross Domestic Product: Nowcast: Next Quarter.

The ratio of national debt to gross domestic product (GDP) in Australia was forecast to continuously decrease between 2024 and 2029 by in total 3.4 percentage points. After the fourth consecutive decreasing year, the ratio is estimated to reach 45.98 percent and therefore a new minimum in 2029. This indicator describes the general government gross debt in relation to the country's GDP. According to the International Monetary Fund, gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. The GDP, on the other hand, refers to the total value of final goods and services produced during a year.Find more key insights for the ratio of national debt to gross domestic product (GDP) in countries like Marshall Islands, New Zealand, and Vanuatu.

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

GDP Nowcast: Australia: Impact: Next Quarter: Monetary Financial: Bank Lending data was reported at 0.002 % Point in Jan 2025. This records a decrease from the previous number of 0.017 % Point for Dec 2024. GDP Nowcast: Australia: Impact: Next Quarter: Monetary Financial: Bank Lending data is updated monthly, averaging 0.021 % Point from Sep 2024 (Median) to Jan 2025, with 5 observations. The data reached an all-time high of 0.056 % Point in Oct 2024 and a record low of 0.002 % Point in Jan 2025. GDP Nowcast: Australia: Impact: Next Quarter: Monetary Financial: Bank Lending data remains active status in CEIC and is reported by CEIC Data. The data is categorized under Global Database’s Australia – Table AU.CEIC.GDPNC: Gross Domestic Product: Nowcast: Next Quarter.