Australia's GDP changed from approximately $162B 957M in 1980 to $1T 790B in 2024, showing an overall 998.7% sharply increased during the period.
The lowest GDP was recorded in 1980 at $162B 957M, and the highest in 2024 at $1T 790B.
Over the 44-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 5.6%.
For comparison, the average annual growth rate of New Zealand was 5.7%, and that of China was 9.8%.
Australia GDP from 1980 to 2024
The total market value of goods and services produced annually in Australia.
Overview of Australia's GDP (1980–2024)
The Gross Domestic Product (GDP) of Australia recorded a 998.7% sharply increased from 1980 to 2024.
The average GDP during this period was $776B 330M, and the median was $426B 412M.
GDP fluctuated within a range of $1T 627B, with a standard deviation of $556B 755M.
The average annual change was $39B 996M.
Highest and Lowest GDP Records
- Lowest GDP: 1980, $162B 957M
- Highest GDP: 2024, $1T 790B
- Most Recent GDP: 2024, $1T 790B
Notable Annual GDP Changes
- 2021: Significant increase in GDP
- 2015: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Australia's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $1T 388B → $1T 364B
- Outcome: declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $950B 40M → $1T 983M
- Outcome: increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $400B 254M → $378B 4M
- Outcome: declined
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $426B 412M → $381B 500M
- Outcome: sharply declined
Key Economic Indicators of Australia (1980–2024)
| year | GDP Growth | Nominal GDP | PPP GDP | GDP per Capita | PPP per Capita | Savings | Population | Current Account | Fiscal Balance |
|---|---|---|---|---|---|---|---|---|---|
1980 | 2.894 % | $ 162B 957M | $ 155B 175M | $ 11,009.31 | $ 10,483.55 | 21.73 % | 14M 802K people | -2.367 % | 0 % |
1981 | 4.127 % | $ 188B 448M | $ 176B 866M | $ 12,530.47 | $ 11,760.39 | 20.88 % | 15M 39K people | -4.056 % | 0 % |
1982 | 0.063 % | $ 187B 87M | $ 187B 913M | $ 12,236.78 | $ 12,290.85 | 18.76 % | 15M 289K people | -4.105 % | 0 % |
1983 | -0.474 % | $ 179B 514M | $ 194B 347M | $ 11,593.89 | $ 12,551.90 | 16.95 % | 15M 483K people | -3.146 % | 0 % |
1984 | 6.346 % | $ 197B 175M | $ 214B 140M | $ 12,577.14 | $ 13,659.26 | 20.14 % | 15M 677K people | -4.146 % | 0 % |
1985 | 5.456 % | $ 174B 419M | $ 232B 965M | $ 10,969.39 | $ 14,651.39 | 18.34 % | 15M 901K people | -4.861 % | 0 % |
1986 | 2.448 % | $ 181B 514M | $ 243B 474M | $ 11,247.06 | $ 15,086.27 | 17.62 % | 16M 139K people | -5.048 % | 0 % |
1987 | 4.893 % | $ 213B 142M | $ 261B 714M | $ 13,000.74 | $ 15,963.43 | 20.18 % | 16M 395K people | -3.389 % | 0 % |
1988 | 4.253 % | $ 271B 142M | $ 282B 468M | $ 16,248.65 | $ 16,927.36 | 25.25 % | 16M 687K people | -3.832 % | 0 % |
1989 | 4.644 % | $ 308B 356M | $ 307B 177M | $ 18,206.38 | $ 18,136.76 | 25.37 % | 16M 937K people | -5.999 % | 0 % |
1990 | 1.513 % | $ 324B 69M | $ 323B 496M | $ 18,874.40 | $ 18,841.02 | 22.99 % | 17M 170K people | -4.848 % | 1.871 % |
1991 | -0.995 % | $ 324B 449M | $ 331B 111M | $ 18,669.07 | $ 19,052.36 | 18.35 % | 17M 379K people | -3.279 % | -0.978 % |
1992 | 2.584 % | $ 318B 84M | $ 347B 408M | $ 18,117.09 | $ 19,787.31 | 19.26 % | 17M 557K people | -3.258 % | -3.114 % |
1993 | 3.929 % | $ 309B 298M | $ 369B 616M | $ 17,455.63 | $ 20,859.79 | 21.11 % | 17M 719K people | -3.026 % | -2.898 % |
1994 | 4.851 % | $ 353B 374M | $ 395B 822M | $ 19,748.80 | $ 22,121.09 | 21.60 % | 17M 893K people | -4.52 % | -1.783 % |
1995 | 2.959 % | $ 379B 95M | $ 416B 80M | $ 20,921.82 | $ 22,962.94 | 20.60 % | 18M 120K people | -4.984 % | -0.498 % |
1996 | 4.013 % | $ 424B 750M | $ 440B 701M | $ 23,172.29 | $ 24,042.53 | 21.42 % | 18M 330K people | -3.46 % | 0.568 % |
1997 | 4.658 % | $ 426B 412M | $ 469B 182M | $ 23,036.83 | $ 25,347.49 | 21.76 % | 18M 510K people | -2.917 % | 1.22 % |
1998 | 4.708 % | $ 381B 500M | $ 496B 793M | $ 20,394.94 | $ 26,558.49 | 21.53 % | 18M 706K people | -4.904 % | 1.142 % |
1999 | 4.411 % | $ 412B 62M | $ 526B 48M | $ 21,780.07 | $ 27,804.99 | 20.55 % | 18M 919K people | -5.471 % | 1.646 % |