National Accounts: GDP by Expenditure: Current Prices: Gross Domestic Product: Total for Australia
AUSGDPNQDSMEI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
654,643,000,000.00
Year-over-Year Change
33.80%
Date Range
1/1/1960 - 7/1/2023
Summary
This economic indicator measures the total value of goods and services produced in Australia, providing a comprehensive snapshot of the country's 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
Gross Domestic Product (GDP) is the primary metric used to gauge the size and health of a national economy. The GDP by Expenditure measure tracks the different components of total economic output, including consumer spending, investment, government expenditure, and net exports.
Methodology
The Australian Bureau of Statistics collects and calculates this data based on surveys and administrative sources.
Historical Context
Policymakers and analysts closely monitor GDP figures to inform economic and fiscal policy decisions.
Key Facts
- Australia's GDP reached a record high of $2.15 trillion in 2021.
- The services sector accounts for over 60% of Australia's GDP.
- GDP growth in Australia averaged 3.5% annually from 1960 to 2022.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the total value of goods and services produced in Australia, providing a comprehensive picture of the country's economic activity and growth.
Q: Why is this trend relevant for users or analysts?
A: GDP is a crucial metric for assessing the overall health and performance of the Australian economy, and is closely watched by policymakers, investors, and economists.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the Australian Bureau of Statistics based on surveys and administrative sources.
Q: How is this trend used in economic policy?
A: Policymakers and central banks use GDP data to inform decisions on fiscal, monetary, and economic policies aimed at promoting economic growth and stability.
Q: Are there update delays or limitations?
A: The GDP data is typically released on a quarterly basis, with a lag of several weeks. There may be revisions to earlier estimates as more complete information becomes available.
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Citation
U.S. Federal Reserve, National Accounts: GDP by Expenditure: Current Prices: Gross Domestic Product: Total for Australia (AUSGDPNQDSMEI), retrieved from FRED.