Balance of Payments: Total Net Current Account for Australia
Percent of GDP
AUSBCAGDPBP6PT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
-1.29
Year-over-Year Change
-49.56%
Date Range
1/1/1990 - 1/1/2029
Summary
The 'Percent of GDP' economic trend measures the ratio of Australia's balance of current account as a percentage of its gross domestic product (GDP). This metric is crucial for understanding Australia's international trade and economic performance.
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 balance of current account represents the difference between Australia's total exports and imports of goods, services, and capital. Tracking this metric as a percentage of GDP provides insight into the country's international competitiveness, trade dynamics, and overall economic health.
Methodology
The data is collected and calculated by the Australian Bureau of Statistics based on national accounts and balance of payments statistics.
Historical Context
Policymakers and economists use the 'Percent of GDP' trend to evaluate Australia's external balances and guide decisions on trade, fiscal, and monetary policies.
Key Facts
- Australia's current account balance was -2.1% of GDP in 2022.
- The 'Percent of GDP' trend has ranged from -6.9% to 1.5% over the past 20 years.
- Improving the current account balance is a key policy goal for the Australian government.
FAQs
Q: What does this economic trend measure?
A: The 'Percent of GDP' trend measures the ratio of Australia's balance of current account to its gross domestic product. It provides insight into the country's international trade and competitiveness.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding Australia's external economic position and guiding policy decisions related to trade, fiscal, and monetary policy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the Australian Bureau of Statistics based on national accounts and balance of payments statistics.
Q: How is this trend used in economic policy?
A: Policymakers and economists use the 'Percent of GDP' trend to evaluate Australia's external balances and guide decisions on trade, fiscal, and monetary policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a slight delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Percent of GDP (AUSBCAGDPBP6PT), retrieved from FRED.