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Australia Real GDP

Australia's real GDP rose to $1.67 trillion in 2024, up from $1.64 trillion in 2023, according to World Bank. This represents an increase of 1.4% ($23.5 billion) from the previous year and accounts for 1.72% of the world's total real GDP. Australia has the 12th highest real GDP. Within Oceania, it ranks 1st out of 18 countries.

Australia's GDP per capita fell to $61,211.9 in 2024, down from $61,598.18 in 2023.

Yearly Historical Data (1960-2024)

(in Trillion USD)
Year Real GDP (Trillion USD)
2024 1.67
2023 1.64
2022 1.59
2021 1.52
2020 1.49
2019 1.49
2018 1.46
2017 1.42
2016 1.39
2015 1.35
2014 1.32
2013 1.29
2012 1.26
2011 1.21
2010 1.18
2009 1.15
2008 1.13
2007 1.09
2006 1.05
2005 1.03
2004 0.99
2003 0.95
2002 0.93
2001 0.89
2000 0.87
1999 0.84
1998 0.8
1997 0.76
1996 0.74
1995 0.71
1994 0.68
1993 0.66
1992 0.63
1991 0.63
1990 0.63
1989 0.61
1988 0.59
1987 0.55
1986 0.54
1985 0.52
1984 0.49
1983 0.47
1982 0.48
1981 0.47
1980 0.45
1979 0.44
1978 0.42
1977 0.42
1976 0.4
1975 0.39
1974 0.39
1973 0.37
1972 0.36
1971 0.35
1970 0.34
1969 0.31
1968 0.29
1967 0.28
1966 0.26
1965 0.26
1964 0.24
1963 0.23
1962 0.21
1961 0.21
1960 0.2
Australia Real GDP : Definition
Real GDP is defined as the value of all goods and services produced in Australia, measured in US dollars adjusted to 2015 prices. By fixing prices to a base year, it removes the effect of inflation, so this represents real GDP rather than nominal GDP.
Indicator Last Value Prior Value Period
GDP $1.75T $1.73T 2024
GDP Annual Growth Rate 1.43% 3.44% 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