National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product: Total for Australia
AUSGDPRQDSMEI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
607,475,000,000.00
Year-over-Year Change
12.87%
Date Range
1/1/1960 - 7/1/2023
Summary
This economic trend measures Australia's real gross domestic product (GDP) over time, which is a key indicator of the country's overall economic performance and growth.
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
GDP by expenditure is a comprehensive measure of the total value of goods and services produced within Australia, adjusted for inflation. It is a widely-used statistic for assessing the health and trajectory of the Australian economy.
Methodology
The data is collected and calculated by the Australian Bureau of Statistics using a variety of government and private sector sources.
Historical Context
Policymakers and analysts closely monitor GDP trends to inform economic and fiscal policies.
Key Facts
- Australia's GDP reached a record high of $2.02 trillion in 2021.
- The services sector accounts for over 60% of Australia's GDP.
- GDP growth in Australia averaged 3.2% annually from 1960 to 2022.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of goods and services produced within Australia, adjusted for inflation, which is a key indicator of the country's overall economic performance and growth.
Q: Why is this trend relevant for users or analysts?
A: GDP is a widely-used statistic for assessing the health and trajectory of the Australian economy, and is closely monitored by policymakers and analysts to inform economic and fiscal policies.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the Australian Bureau of Statistics using a variety of government and private sector sources.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use GDP trends to inform decisions on fiscal, monetary, and other economic policies aimed at promoting growth and stability in the Australian economy.
Q: Are there update delays or limitations?
A: The GDP data is typically released on a quarterly basis, with a slight delay to allow for comprehensive data collection and analysis.
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Citation
U.S. Federal Reserve, National Accounts: GDP by Expenditure: Constant Prices: Gross Domestic Product: Total for Australia (AUSGDPRQDSMEI), retrieved from FRED.