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Australia GDP Annual Growth Rate

Australia's GDP annual growth rate fell to 1.43% in 2024, down from 3.44% in 2023, according to World Bank. This represents a decrease of 2.01% from the previous year. Australia has GDP annual growth rate lower than the global median (1.43% vs median 3.24%). Compared with the median in Oceania, Australia is lower (1.43% vs regional median 3.00%) and ranks 17th out of 19 countries in Oceania.

Australia's real GDP rose to $1.67 trillion in 2024, up from $1.64 trillion in 2023.

Yearly Historical Data (1961-2024)

(in %)
Year GDP Annual Growth Rate (%)
2024 1.43%
2023 3.44%
2022 4.24%
2021 2.11%
2020 -0.12%
2019 2.17%
2018 2.88%
2017 2.28%
2016 2.76%
2015 2.19%
2014 2.6%
2013 2.6%
2012 3.92%
2011 2.41%
2010 2.22%
2009 1.89%
2008 3.59%
2007 3.77%
2006 2.76%
2005 3.15%
2004 4.22%
2003 3.09%
2002 3.98%
2001 2.03%
2000 3.92%
1999 5.03%
1998 4.66%
1997 3.91%
1996 3.86%
1995 3.89%
1994 3.98%
1993 4.05%
1992 0.43%
1991 -0.38%
1990 3.58%
1989 3.87%
1988 5.76%
1987 2.56%
1986 3.97%
1985 5.28%
1984 4.59%
1983 -2.22%
1982 3.33%
1981 3.34%
1980 3.04%
1979 4.05%
1978 0.89%
1977 3.6%
1976 2.59%
1975 1.34%
1974 4.11%
1973 2.62%
1972 3.91%
1971 4%
1970 7.18%
1969 7.05%
1968 5.09%
1967 6.3%
1966 2.38%
1965 5.98%
1964 6.98%
1963 6.22%
1962 1.29%
1961 2.48%
Australia GDP Annual Growth Rate : Definition
GDP Annual Growth Rate measures the yearly percentage change in Australia's total economic output.
Indicator Last Value Prior Value Period
GDP $1.75T $1.73T 2024
GDP Growth Rate (QoQ) 0.6% 0.3% Jun'25
GDP Growth Rate (YoY) 1.8% 1.4% Jun'25
GDP per Capita $61,211.9 $61,598.18 2024
GDP per Capita PPP $60,082.01 $60,461.16 2024
R&D Expenditure (% GDP) 1.86% 1.83% 2021
Real GDP $1.67T $1.64T 2024