[ Nominal GDP in billions of USD ]
Year -
$1,757.02 billions
Australia GDP expanded from 1960 to 2024, increasing from $18.64 billion to $1,757.02 billion.The compound annual growth rate (CAGR) averaged 7.36% over the period. The economy recorded its peak level in 2024 and its lowest level in 1960. Growth volatility remained high. The maximum drawdown reached 23.5%, indicating the largest cyclical decline from peak levels. The country experienced 8 recession episode(s) during the observed period.
| Metric | Nominal GDP (Current USD) | GDP (PPP, Int$) |
|---|---|---|
| Latest Year | 2024 | 2024 |
| Latest GDP | $ 1,757.02 Billions | $ 1,961.19 Int Billions |
| Growth (YoY) | 1.301% | 1.786% |
| Net Change vs Previous Year | $ 22.57 Billion | $ 34.41 Int Billion |
| % of World GDP | 1.58% | 0.98% |
| Meaning | Nominal GDP (Current USD, exchange-rate based) | GDP (PPP, cost-of-living adjusted) |
| Nominal | PPP | |||||
|---|---|---|---|---|---|---|
| Year | Bil $ | Net Chg | % Chg | Int Bil $ | Net Chg | % Chg |
| 1960 | 18.64 | - | - | - | - | - |
| 1961 | 19.71 | 1.08 | 5.782 % | - | - | - |
| 1962 | 19.95 | 0.24 | 1.222 % | - | - | - |
| 1963 | 21.57 | 1.62 | 8.116 % | - | - | - |
| 1964 | 23.84 | 2.26 | 10.487 % | - | - | - |
| 1965 | 26.01 | 2.18 | 9.139 % | - | - | - |
| 1966 | 27.35 | 1.34 | 5.132 % | - | - | - |
| 1967 | 30.49 | 3.14 | 11.475 % | - | - | - |
| 1968 | 32.76 | 2.28 | 7.465 % | - | - | - |
| 1969 | 36.74 | 3.97 | 12.132 % | - | - | - |
| 1970 | 41.4 | 4.66 | 12.676 % | - | - | - |
| 1971 | 45.28 | 3.89 | 9.394 % | - | - | - |
| 1972 | 52.12 | 6.83 | 15.092 % | - | - | - |
| 1973 | 63.92 | 11.81 | 22.651 % | - | - | - |
| 1974 | 89.09 | 25.16 | 39.365 % | - | - | - |
| 1975 | 97.44 | 8.35 | 9.378 % | - | - | - |
| 1976 | 105.21 | 7.77 | 7.972 % | - | - | - |
| 1977 | 110.5 | 5.3 | 5.033 % | - | - | - |
| 1978 | 118.66 | 8.16 | 7.381 % | - | - | - |
| 1979 | 135.09 | 16.43 | 13.849 % | - | - | - |
| 1980 | 150.2 | 15.11 | 11.182 % | - | - | - |
| 1981 | 177.15 | 26.95 | 17.944 % | - | - | - |
| 1982 | 194.32 | 17.17 | 9.693 % | - | - | - |
| 1983 | 177.52 | -16.8 | -8.645 % | - | - | - |
| 1984 | 193.75 | 16.23 | 9.14 % | - | - | - |
| 1985 | 180.86 | -12.89 | -6.652 % | - | - | - |
| 1986 | 182.71 | 1.85 | 1.021 % | - | - | - |
| 1987 | 189.73 | 7.02 | 3.842 % | - | - | - |
| 1988 | 236.46 | 46.73 | 24.632 % | - | - | - |
| 1989 | 300.26 | 63.8 | 26.983 % | - | - | - |
| 1990 | 311.84 | 11.58 | 3.855 % | 296.69 | - | - |
| 1991 | 326.42 | 14.58 | 4.674 % | 308.33 | 11.65 | 3.925 % |
| 1992 | 325.98 | -0.43 | -0.133 % | 319.14 | 10.81 | 3.505 % |
| 1993 | 312.57 | -13.41 | -4.115 % | 338.95 | 19.81 | 6.207 % |
| 1994 | 323.27 | 10.7 | 3.423 % | 359.2 | 20.25 | 5.976 % |
| 1995 | 368.73 | 45.46 | 14.061 % | 379 | 19.79 | 5.511 % |
| 1996 | 401.96 | 33.24 | 9.014 % | 403.38 | 24.39 | 6.435 % |
| 1997 | 436.32 | 34.36 | 8.548 % | 426.34 | 22.96 | 5.692 % |
| 1998 | 400.36 | -35.96 | -8.242 % | 453.77 | 27.43 | 6.433 % |
| 1999 | 390.35 | -10.01 | -2.501 % | 480.29 | 26.52 | 5.845 % |
| 2000 | 416.9 | 26.55 | 6.803 % | 505.88 | 25.58 | 5.327 % |
| 2001 | 380.36 | -36.54 | -8.765 % | 533.67 | 27.8 | 5.495 % |
| 2002 | 396.44 | 16.08 | 4.227 % | 566.92 | 33.25 | 6.23 % |
| 2003 | 468.52 | 72.08 | 18.182 % | 594.92 | 28 | 4.939 % |
| 2004 | 615.64 | 147.13 | 31.402 % | 634.15 | 39.23 | 6.594 % |
| 2005 | 696.81 | 81.17 | 13.184 % | 667.65 | 33.5 | 5.282 % |
| 2006 | 749.71 | 52.9 | 7.591 % | 713.54 | 45.89 | 6.874 % |
| 2007 | 856.6 | 106.9 | 14.258 % | 764.54 | 51.01 | 7.148 % |
| 2008 | 1058.45 | 201.84 | 23.563 % | 799.31 | 34.77 | 4.547 % |
| 2009 | 931.76 | -126.69 | -11.969 % | 877.09 | 77.78 | 9.731 % |
| 2010 | 1152.57 | 220.8 | 23.698 % | 870.35 | -6.74 | -0.769 % |
| 2011 | 1402.94 | 250.37 | 21.723 % | 941.69 | 71.34 | 8.197 % |
| 2012 | 1552.73 | 149.79 | 10.677 % | 977.7 | 36.01 | 3.824 % |
| 2013 | 1583.74 | 31.01 | 1.997 % | 1066.75 | 89.05 | 9.108 % |
| 2014 | 1474.68 | -109.06 | -6.886 % | 1105.91 | 39.16 | 3.671 % |
| 2015 | 1356.81 | -117.87 | -7.993 % | 1106.6 | 0.69 | 0.063 % |
| 2016 | 1211.59 | -145.22 | -10.703 % | 1147.77 | 41.17 | 3.72 % |
| 2017 | 1330.89 | 119.3 | 9.847 % | 1194.33 | 46.57 | 4.057 % |
| 2018 | 1433.14 | 102.25 | 7.683 % | 1257.43 | 63.1 | 5.283 % |
| 2019 | 1398.35 | -34.8 | -2.428 % | 1339.85 | 82.42 | 6.555 % |
| 2020 | 1333.34 | -65.01 | -4.649 % | 1389.78 | 49.93 | 3.727 % |
| 2021 | 1560.62 | 227.28 | 17.046 % | 1498.16 | 108.38 | 7.798 % |
| 2022 | 1695.63 | 135.01 | 8.651 % | 1719.92 | 221.76 | 14.802 % |
| 2023 | 1734.45 | 38.82 | 2.29 % | 1926.78 | 206.86 | 12.028 % |
| 2024 | 1757.02 | 22.57 | 1.301 % | 1961.19 | 34.41 | 1.786 % |
Between 1960 to 2024, Australia experienced the following economic phases:
The most remarkable growth occurred in 1974 with an increase of 39.365%, while the largest decline was in 2009 at -11.969%.