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Australia: GDP growth (annual %)

In , Australia's GDP growth (annual %) was 1.37.

That's down 61.7% from 2023, the highest value since .

The global average for this indicator in 2024 was 3.07 . Australia ranks #150 globally out of 193 reporting countries. Within East Asia & Pacific, it ranks #22 of 30.

Source: World Bank Open Data (NY.GDP.MKTP.KD.ZG) • Data as of 2024

Trend (2005–2024)

Australia GDP growth (annual %) trend 2008: Global financial crisis 2020: COVID-19 pandemic 2014: Oil price collapse 2022: Russia–Ukraine war begins
  • 2008 · Global financial crisis
  • 2020 · COVID-19 pandemic
  • 2014 · Oil price collapse
  • 2022 · Russia–Ukraine war begins

Highlights

Peak
4.25
Trough
-0.13
1-year change
-61.7%
5-year change
-37.4%
-8.9% / yr
10-year change
-47.2%
-6.2% / yr

Historical Data — Last 10 Years

Year GDP growth (annual %)
1.3734
3.5838
4.2530
2.0069
-0.1335
2.1940
2.8742
2.2933
2.7556
2.1643

About GDP growth (annual %)

Gross domestic product is the total income earned through the production of goods and services in an economic territory during an accounting period. It can be measured in three different ways: using either the expenditure approach, the income approach, or the production approach. This indicator denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.

Indicator code: NY.GDP.MKTP.KD.ZG • Category: Economy

How to read GDP figures: GDP (Gross Domestic Product) is measured in current US dollars, which means values change both due to real economic growth and currency fluctuations. A more useful comparison across countries is GDP per capita, which divides GDP by population. For growth trends, check GDP growth (annual %).

Frequently asked questions

What was Australia's GDP growth (annual %) in 2024?
In 2024, Australia's GDP growth (annual %) was 1.37, according to World Bank Open Data.
Is Australia's GDP growth (annual %) rising or falling?
Australia's GDP growth (annual %) fell 61.7% from 2023 to 2024.
How does Australia rank globally on GDP growth (annual %)?
In 2024, Australia ranked #150 out of 193 countries reporting GDP growth (annual %).
How does Australia's GDP growth (annual %) compare to the world average?
The global average for GDP growth (annual %) in 2024 was 3.07, so Australia is below the world average. Within East Asia & Pacific, it ranks #22 of 30.
What is GDP growth (annual %) and how is it measured?
Gross domestic product is the total income earned through the production of goods and services in an economic territory during an accounting period. It can be measured in three different ways: using either the expenditure approach, the income approach, or the production approach. This indicator denotes the percentage change over each previous year of the constant price (base year 2015) series in United States dollars.
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Source: World Bank Open Data (NY.GDP.MKTP.KD.ZG), CC BY 4.0.