Gross Domestic Product for Australia
MKTGDPAUA646NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,752,193,307,380.34
Year-over-Year Change
13.22%
Date Range
1/1/1960 - 1/1/2024
Summary
The Gross Domestic Product (GDP) for Australia measures the total value of goods and services produced in the Australian economy. It is a key indicator of economic health 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 is the broadest measure of economic activity in Australia, encompassing consumption, investment, government spending, and net exports. It is widely used by policymakers, analysts, and businesses to gauge the performance and trajectory of the Australian economy.
Methodology
GDP is calculated by the Australian Bureau of Statistics using expenditure, income, and production approaches.
Historical Context
Australian GDP data is closely monitored by the Reserve Bank of Australia and informs its monetary policy decisions.
Key Facts
- Australia's GDP was $1.5 trillion in 2021.
- GDP growth in Australia averaged 3.2% per year from 1960 to 2021.
- Services account for about 60% of Australia's GDP.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) for Australia measures the total value of goods and services produced in the Australian economy during a given period.
Q: Why is this trend relevant for users or analysts?
A: GDP is a crucial indicator of overall economic performance and growth in Australia, used by policymakers, economists, and businesses to gauge the health and trajectory of the Australian economy.
Q: How is this data collected or calculated?
A: The Australian Bureau of Statistics calculates GDP using the expenditure, income, and production approaches.
Q: How is this trend used in economic policy?
A: Australian GDP data is closely monitored by the Reserve Bank of Australia, as it informs the central bank's monetary policy decisions.
Q: Are there update delays or limitations?
A: The GDP data for Australia is published quarterly by the Australian Bureau of Statistics, with a typical lag of 1-2 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product for Australia (MKTGDPAUA646NWDB), retrieved from FRED.