National Accounts: GDP by Expenditure: Constant Prices: Private Final Consumption Expenditure for Australia
Growth rate same period previous year, Annual
NAEXKP02AUA659S • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.64
Year-over-Year Change
-76.71%
Date Range
1/1/1961 - 1/1/2024
Summary
This economic trend measures the annual growth rate of Gross Domestic Product (GDP) compared to the same period in the previous year. It provides insight into the overall health and direction of the U.S. 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
The GDP Growth Rate Same Period Previous Year, Annual is a key macroeconomic indicator used by economists and policymakers to assess the pace of economic expansion or contraction. It allows for year-over-year comparisons and helps identify broader trends in the economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using data from the national accounts.
Historical Context
This trend is closely monitored by the Federal Reserve and other institutions for its implications on monetary and fiscal policy decisions.
Key Facts
- The GDP growth rate averaged 2.3% annually from 2010-2019.
- GDP contracted by 3.4% in 2020 due to the COVID-19 pandemic.
- Positive GDP growth indicates an expanding economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the annual growth rate of Gross Domestic Product (GDP) compared to the same period in the previous year, providing insight into the overall pace of economic expansion or contraction.
Q: Why is this trend relevant for users or analysts?
A: The GDP growth rate is a critical macroeconomic indicator used by economists, policymakers, and investors to assess the health and direction of the U.S. economy, with implications for monetary and fiscal policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using national accounts data.
Q: How is this trend used in economic policy?
A: The GDP growth rate is closely monitored by the Federal Reserve and other institutions to inform monetary and fiscal policy decisions that aim to promote economic stability and growth.
Q: Are there update delays or limitations?
A: The GDP growth rate data is published quarterly by the Bureau of Economic Analysis, with a delay of approximately one month after the end of the reference period.
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Citation
U.S. Federal Reserve, Growth rate same period previous year, Annual (NAEXKP02AUA659S), retrieved from FRED.