National Accounts: GDP by Expenditure: Current Prices: Gross Domestic Product: Total for Australia
Annual
AUSGDPNADSMEI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,481,996,000,000.00
Year-over-Year Change
81.65%
Date Range
1/1/1960 - 1/1/2022
Summary
The Annual series measures Australia's Gross Domestic Product (GDP) on an annual basis. It is a key indicator of a country's economic health and used by policymakers and analysts to track long-term growth trends.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Annual GDP series provides a comprehensive measure of the total value of goods and services produced within Australia over a 12-month period. It is a widely-cited macroeconomic statistic that reflects the overall size and performance of the Australian economy.
Methodology
The data is calculated by the Australian Bureau of Statistics based on surveys, administrative records, and other sources.
Historical Context
Annual GDP figures are closely monitored by the Reserve Bank of Australia and government officials to inform economic and fiscal policies.
Key Facts
- Australia's GDP reached a record high of $1.9 trillion in 2021.
- GDP grew by 4.2% in 2021 following the COVID-19 recession.
- Services account for around 60% of total Australian GDP.
FAQs
Q: What does this economic trend measure?
A: The Annual series measures the total value of goods and services produced in Australia over a 12-month period, providing a comprehensive metric of the country's economic output and growth.
Q: Why is this trend relevant for users or analysts?
A: Annual GDP is a widely-watched indicator that reflects the overall health and performance of the Australian economy. It is used by policymakers, businesses, and analysts to assess long-term growth, make economic decisions, and inform policy.
Q: How is this data collected or calculated?
A: The data is compiled by the Australian Bureau of Statistics based on surveys, administrative records, and other sources.
Q: How is this trend used in economic policy?
A: Annual GDP figures are closely monitored by the Reserve Bank of Australia and government officials to inform monetary, fiscal, and other economic policies aimed at promoting growth and stability.
Q: Are there update delays or limitations?
A: There is typically a lag of several months between the end of the year and the release of the final annual GDP figures by the Australian Bureau of Statistics.
Related Trends
Infra-Annual Labor Statistics: Employment: Economic Activity: Services: Total for Australia
LFEASETTAUQ647S
Production: Industry: Total Industry Excluding Construction for Australia
PRINTO01AUQ657S
Interest Rates, Government Securities, Treasury Bills for Australia
INTGSTAUM193N
International Merchandise Trade Statistics: Trade Balance: Commodities for Australia
XTNTVA01AUQ664S
Infra-Annual Labor Statistics: Inactivity Rate Male: From 15 to 24 Years for Australia
LRIN24MAAUA156N
Infra-Annual Labor Statistics: Working-Age Population Male: From 15 to 64 Years for Australia
LFWA64MAAUM647N
Citation
U.S. Federal Reserve, Annual (AUSGDPNADSMEI), retrieved from FRED.