Economic Indicators

GDP

Gross Domestic Product (GDP) measures the total market value of all goods and services produced in Australia.

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.

  • 06 Dec 2023 GDP - Q3 2023

    Seasonally adjusted real GDP rose 0.2% in Q3 2023, less than the 0.4% expected by the markets. Net exports detracted 0.6ppts from growth and household consumption growth was flat in the quarter. Western Australia saw the strongest increase in state final demand of all states, with solid gains in investment and government consumption.

  • 06 Sep 2023 GDP - Q2 2023

    Seasonally adjusted real GDP rose by 0.4% in Q2 2023, broadly in line with expectations and the same as in Q1 (upgraded from 0.2%). The annual growth rate decelerated to 2.1% from 2.4%. Western Australian real state final demand rose 0.4% QoQ and 3.7% YoY, the highest annual growth of all states.

  • 07 Jun 2023 GDP - Q1 2023

    Australian seasonally adjusted real GDP rose by 0.2% (exp.: 0.3%) in Q1 2023, taking the annual rate of growth down to 2.3%. The GDP price deflator, the broadest measure of inflation in the economy, rose 1.9% in Q1. However, its annual rate of growth slowed to the still elevated 6.8%.

  • 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.

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