Gross Domestic Product (GDP) in Australia

Gross Domestic Product (GDP) represents the value of all final goods and services produced in Australia over a period. It is the broadest indicator of the size and pace of growth of the economy and is published by the statistics office (ABS).

It can be measured by three approaches that should coincide: by demand (private consumption, government spending, investment and net exports), by supply (the value added of all sectors plus taxes on products) and by income (wages, operating surplus and taxes on production, less subsidies). This reading presents the annual change.

It is the primary reference for assessing the health of the Australian economy and its cycle. Its path shapes economic policy decisions, job creation, tax revenue and market expectations; strong growth tends to support the Australian dollar and RBA rate expectations.

It is released several weeks after the period it refers to, and the first estimates (advance) are revised in later releases, so the initial figure is not final.