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.

In the financial year 2021, the mining industry in Australia accounted for almost 11 percent of real gross value added to the economy. In the same fiscal year, the financial and insurance services reported around 9.3 percent of real gross value added to the economy.

Australia GDP: % of GDP: Gross Value Added: Industry: Manufacturing data was reported at 5.363 % in 2023. This records a decrease from the previous number of 5.375 % for 2022. Australia GDP: % of GDP: Gross Value Added: Industry: Manufacturing data is updated yearly, averaging 9.580 % from Dec 1990 (Median) to 2023, with 34 observations. The data reached an all-time high of 13.789 % in 1990 and a record low of 5.363 % in 2023. Australia GDP: % of GDP: Gross Value Added: Industry: Manufacturing 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. Manufacturing refers to industries belonging to ISIC divisions 15-37. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3. Note: For VAB countries, gross value added at factor cost is used as the denominator.;World Bank national accounts data, and OECD National Accounts data files.;Weighted average;Note: Data for OECD countries are based on ISIC, revision 4.

Graph and download economic data for Production, Sales, Work Started and Orders: Production Volume: Economic Activity: Industry (Except Construction) for Australia (PRINTO01AUQ661N) from Q3 1974 to Q4 2023 about Australia, IP, and construction.

Graph and download economic data for Production, Sales, Work Started and Orders: Production Volume: Economic Activity: Industry (Except Construction) for Australia (AUSPROINDQISMEI) from Q3 1974 to Q4 2023 about Australia, IP, and indexes.

As of May 2022, approximately 15 percent of people employed in the Australian workforce were working in the health care and social assistance industry. Other leading industries for employment were professional, scientific, and technical services, as well as retail trade.

Graph and download economic data for Infra-Annual Labor Statistics: Employment: Economic Activity: Industry (Except Construction): Total for Australia (LFEAINTTAUQ647N) from Q1 1985 to Q4 2024 about Australia, construction, employment, and industry.

Graph and download economic data for Benchmarked Unit Labor Costs - Industry for Australia (DISCONTINUED) (ULQBBU03AUQ661S) from Q3 1983 to Q3 2011 about unit labor cost, Australia, labor, and industry.

Australia Production Volume by Major Mineral Commodity: Iron and Steel data was reported at 5,048.426 Metric Ton th in 2024. This records a decrease from the previous number of 5,630.125 Metric Ton th for 2023. Australia Production Volume by Major Mineral Commodity: Iron and Steel data is updated yearly, averaging 6,943.000 Metric Ton th from Jun 1990 (Median) to 2024, with 35 observations. The data reached an all-time high of 9,430.395 Metric Ton th in 2004 and a record low of 4,571.300 Metric Ton th in 2014. Australia Production Volume by Major Mineral Commodity: Iron and Steel data remains active status in CEIC and is reported by Department of Industry, Science and Resources. The data is categorized under Global Database’s Australia – Table AU.WB001: Production Volume.

Australia Production Volume by Major Mineral Commodity: Iron and Steel: 3 mth data was reported at 1,231.698 Metric Ton th in Sep 2024. This records an increase from the previous number of 1,156.567 Metric Ton th for Jun 2024. Australia Production Volume by Major Mineral Commodity: Iron and Steel: 3 mth data is updated quarterly, averaging 1,759.492 Metric Ton th from Mar 1990 (Median) to Sep 2024, with 139 observations. The data reached an all-time high of 2,451.008 Metric Ton th in Dec 2003 and a record low of 957.703 Metric Ton th in Mar 2009. Australia Production Volume by Major Mineral Commodity: Iron and Steel: 3 mth data remains active status in CEIC and is reported by Department of Industry, Science and Resources. The data is categorized under Global Database’s Australia – Table AU.WB001: Production Volume. [COVID-19-IMPACT]

Australia BoP: Current Account: Primary Income: Others: Taxes on Production & Imports: Debit data was reported at 0.000 USD mn in 2023. This stayed constant from the previous number of 0.000 USD mn for 2022. Australia BoP: Current Account: Primary Income: Others: Taxes on Production & Imports: Debit data is updated yearly, averaging 0.000 USD mn from Dec 1995 (Median) to 2023, with 29 observations. The data reached an all-time high of 58.827 USD mn in 2003 and a record low of 0.000 USD mn in 2023. Australia BoP: Current Account: Primary Income: Others: Taxes on Production & Imports: Debit data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Australia – Table AU.IMF.BOP: BPM6: Balance of Payments: Detailed Presentation: Annual.

An overview of South Australia’s primary Industries production including volume, value and per unit price by sector and commodity between 2016–17 and 2020–21.

Australia Employment: Part Time: Wholesale Trade: Basic Material Wholesaling data was reported at 14.879 Person th in Nov 2024. This records a decrease from the previous number of 21.062 Person th for Aug 2024. Australia Employment: Part Time: Wholesale Trade: Basic Material Wholesaling data is updated quarterly, averaging 14.446 Person th from Nov 1984 (Median) to Nov 2024, with 161 observations. The data reached an all-time high of 21.702 Person th in May 2024 and a record low of 9.230 Person th in Nov 2010. Australia Employment: Part Time: Wholesale Trade: Basic Material Wholesaling 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.G025: Employment: by Sex and by Industry: Part Time.

Australia Employment: Part Time: Females: Manufacturing: Primary Metal & Metal Product data was reported at 2.772 Person th in Nov 2024. This records a decrease from the previous number of 3.148 Person th for Aug 2024. Australia Employment: Part Time: Females: Manufacturing: Primary Metal & Metal Product data is updated quarterly, averaging 1.923 Person th from Nov 1984 (Median) to Nov 2024, with 161 observations. The data reached an all-time high of 6.741 Person th in May 2010 and a record low of 0.070 Person th in May 1995. Australia Employment: Part Time: Females: Manufacturing: Primary Metal & Metal Product 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.G025: Employment: by Sex and by Industry: Part Time.

Australia Production Volume by Major Mineral Commodity: Copper: Mine Production data was reported at 794.677 Metric Ton th in 2024. This records a decrease from the previous number of 803.558 Metric Ton th for 2023. Australia Production Volume by Major Mineral Commodity: Copper: Mine Production data is updated yearly, averaging 851.562 Metric Ton th from Jun 1990 (Median) to 2024, with 35 observations. The data reached an all-time high of 989.578 Metric Ton th in 2016 and a record low of 310.000 Metric Ton th in 1990. Australia Production Volume by Major Mineral Commodity: Copper: Mine Production data remains active status in CEIC and is reported by Department of Industry, Science and Resources. The data is categorized under Global Database’s Australia – Table AU.WB001: Production Volume.

Australia Employment: Manufacturing: Basic Chemical & Chemical Product data was reported at 51.453 Person th in Nov 2024. This records a decrease from the previous number of 51.560 Person th for Aug 2024. Australia Employment: Manufacturing: Basic Chemical & Chemical Product data is updated quarterly, averaging 46.113 Person th from Nov 1984 (Median) to Nov 2024, with 161 observations. The data reached an all-time high of 63.913 Person th in Feb 2021 and a record low of 33.807 Person th in Feb 2005. Australia Employment: Manufacturing: Basic Chemical & Chemical Product 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.G023: Employment: by Sex and by Industry.

Graph and download economic data for Benchmarked Unit Labor Costs - Industry for Australia (DISCONTINUED) (ULQBBU03AUQ657S) from Q4 1983 to Q3 2011 about unit labor cost, Australia, labor, and industry.

These information sheets provide statistics and trends in employment participation and workforce demographics. There is no 'typical' picture of someone engaged or employed in our primary industries.Show full descriptionThese information sheets provide statistics and trends in employment participation and workforce demographics. There is no 'typical' picture of someone engaged or employed in our primary industries. The Australian agricultural, fisheries and forestry workforce is made up of a diverse range of people of varying ages, genders, cultural backgrounds who contribute significantly to these primary industries. In addition to being an important source of labour, women, youth, Indigenous and culturally and linguistically diverse people have been fundamental to the sustainability, competiveness and productivity of primary industries in Australia over many years.