National Accounts: GDP by Expenditure: Constant Prices: Private Final Consumption Expenditure for Australia
NAEXKP02AUQ189S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
298,714,000,000.00
Year-over-Year Change
14.71%
Date Range
1/1/1960 - 7/1/2023
Summary
This economic trend measures private final consumption expenditure in Australia, a key component of the country's GDP. It provides insights into consumer spending patterns and helps analysts assess the health of the Australian economy.
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
Private final consumption expenditure tracks the total value of goods and services purchased by Australian households. It is a crucial indicator of economic growth, as consumer spending accounts for a large portion of overall economic activity.
Methodology
The data is collected and calculated by the Australian Bureau of Statistics using national accounts methodology.
Historical Context
Policymakers and economists closely monitor this trend to gauge consumer confidence and make informed decisions about monetary and fiscal policies.
Key Facts
- Private consumption makes up over 50% of Australia's GDP.
- This trend has shown steady growth since the early 2000s.
- Consumer spending is a leading indicator of economic performance.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value of goods and services purchased by Australian households, a key component of the country's gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: Private consumption expenditure is a crucial indicator of economic health, as it accounts for a large portion of overall economic activity. Analysts and policymakers closely monitor this trend to gauge consumer confidence and make informed decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the Australian Bureau of Statistics using national accounts methodology.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the strength of consumer demand and make decisions about monetary and fiscal policies that can impact the Australian economy.
Q: Are there update delays or limitations?
A: The data is published quarterly by the Australian Bureau of Statistics, with a typical delay of 1-2 months.
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Citation
U.S. Federal Reserve, National Accounts: GDP by Expenditure: Constant Prices: Private Final Consumption Expenditure for Australia (NAEXKP02AUQ189S), retrieved from FRED.