GDP reading: GDP growth ticked up to 3.1% year on year in the second quarter from 3.0% in the first...
Economic Growth in Australia
Up until the pandemic, Australia exhibited steady GDP growth, underpinned by strong commodity exports and robust domestic consumption. The economy was resilient against global economic shifts, maintaining growth even during commodity price downturns. Economic growth returned following a short-lived pandemic-induced recession in 2020. Still, it then trended down through 2024 to below pre-pandemic levels due to tight monetary policy plus a slow global recovery capping external demand.
In the year 2024, the economic growth in Australia was 1.04%, compared to 2.57% in 2014 and 2.06% in 2023. It averaged 2.31% over the last decade. For more GDP information, visit our dedicated page.
Australia GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Australia from 2016 to 2024.
Source: Macrobond.
Australia GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -2.0 | 5.4 | 4.1 | 2.1 | 1.0 |
| GDP (USD bn) | 1,361 | 1,654 | 1,722 | 1,741 | 1,795 |
| GDP (AUD bn) | 1,976 | 2,203 | 2,484 | 2,622 | 2,721 |
| Economic Growth (Nominal GDP, ann. var. %) | -0.9 | 11.5 | 12.8 | 5.6 | 3.8 |
Consensus Forecasts and Projections for the next ten years
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Australian GDP projections for the next ten years from a panel of 34 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Australian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Australian GDP projections.
Want to get access to the full dataset of Australian GDP forecasts? Send an email to info@focus-economics.com.
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