GDP of Australia in 2023 - Expenditure Approach, Sector Output, and Regional GDP

Before the pandemic, the Australian economy experienced 28 years of uninterrupted growth since 1991. Despite the Internet bubble and financial crises, it maintained an average growth rate of 3%, significantly higher than the 2.2% growth rate of high-income countries during the same period. Even after the pandemic, Australia’s recession was only 0.1%, far below the global average. In terms of the main drivers of Australia’s economy, structural changes have occurred over time. In the first decade of the 21st century, from 2000 to 2009, private consumption growth was nearly on par with export growth, both close to 3.7%. During this time, Australia’s economic growth remained at around 3.2%. However, in the following decade, Australia’s exports grew with the demand for natural resources in emerging markets (particularly China) and the economic expansion, allowing the c...