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Gross domestic product (GDP) growth rate in Australia 2024*
Gross domestic product (GDP) growth rate in Australia 2024*
Australia: Real gross domestic product (GDP) growth rate from 2014 to 2024* (compared to 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.
Australia: Real gross domestic product (GDP) growth rate from 2014 to 2024* (compared to the previous year)
GDP growth rate compared to previous year | |
---|---|
2024* | 2.64% |
2023* | 2.67% |
2022* | 2.7% |
2021* | 2.58% |
2020* | 2.26% |
2019* | 1.71% |
2018 | 2.74% |
2017 | 2.42% |
2016 | 2.79% |
2015 | 2.46% |
2014 | 2.64% |
GDP growth rate compared to previous year | |
---|---|
2024* | 2.64% |
2023* | 2.67% |
2022* | 2.7% |
2021* | 2.58% |
2020* | 2.26% |
2019* | 1.71% |
2018 | 2.74% |
2017 | 2.42% |
2016 | 2.79% |
2015 | 2.46% |
2014 | 2.64% |
© Statista 2019
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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.
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- Release date
- October 2019
- Region
- Australia
- Survey time period
- 2014 to 2018
- Supplementary notes
-
* Estimate.
Values have been rounded to provide a better understanding of the statistic.
Source
- Show sources information
- Show publisher information
- Release date
- October 2019
More information
- Region
- Australia
- Survey time period
- 2014 to 2018
- Supplementary notes
-
* Estimate.
Values have been rounded to provide a better understanding of the statistic.
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