Gross Domestic Product (GDP) measures the total market value of all goods and services produced in Australia and is a key indicator of the growth of the economy. This quarterly release also details other key elements of the national accounts, including nominal and real income, productivity and unit labour costs, as well as the state final demand.
- 01 Mar 2023 GDP - Q4 2022
Australian seasonally adjusted real GDP rose by 0.5% in Q4 2022, less than the 0.7% pencilled in by the market. The annual growth rate decelerated to 2.7%, which was in line with the market expectations.
- 07 Dec 2022 GDP - Q3 2022
Australian seasonally adjusted real GDP rose 0.6% in Q3 2022, slightly less than the 0.7% expected by the markets. The annual growth rate accelerated to 5.9%, reflecting a low statistical base from the previous year. The market consensus was for a 6.3% YoY gain. Western Australian real state final demand rose 0.6%, to be 3.3% up through the year.
- 07 Sep 2022 GDP - Q2 2022
Australian seasonally adjusted real GDP rose 0.9% in Q2 2022, in line with the market expectations. The annual growth rate accelerated to 3.6% from 3.3% in the previous quarter. The major contribution to the rise in real GDP in Q2 was household consumption expenditure, which rose by 2.2% and added 1.1ppts to the increase.
- 01 Jun 2022 GDP - Q1 2022
Australian seasonally adjusted real GDP rose 0.8% in Q1 2022, exceeding market expectations for a 0.6% increase. The annual growth rate of GDP declined to 3.3% from 4.4% in the previous quarter. Western Australia saw the second strongest quarterly increase of all states in real state final demand (2.2%), after Victoria.
- 02 Mar 2022 GDP - Q4 2021
Australian seasonally adjusted real GDP rose 3.4% in Q4 2021, exceeding market expectations for a 3.0% increase. This was the fastest increase since Q1 1976, and slightly surpassed the rebound in Q3 2020 when the Aussie economy sprang back after the nationwide lockdown. The Q4 rise in real GDP was attributable to the recovery from the Delta outbreaks over east.
- 01 Dec 2021 GDP - Q3 2021
Australian seasonally adjusted real GDP declined 1.9% in Q3 2021, less than the 2.7% fall expected by the markets. The big decline in Q3 real GDP growth was unsurprisingly driven by a 4.8% drop in household consumption spending amid lockdowns over east. Western Australian real state final demand rose 0.6%, driven mainly by a 1.9% increase in household consumption.
- 01 Sep 2021 GDP - Q2 2021
Australian seasonally adjusted real GDP rose by 0.7% in Q2 2021, slightly faster than the 0.5% expected by market participants. Like in the previous quarter, the major contribution to GDP growth in Q2 2021 came from gross fixed capital formation. In Western Australia, state final demand grew by 1.2% in the quarter, following a strong 3.2% increase in the previous quarter.
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Banner image top - Buildings in Perth's central business district. Image courtesy of Tourism Western Australia.