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%.
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.
Australia GDP from 1980 to 2024
The total market value of goods and services produced annually in Australia.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 162B 957M | $ 11,009.31 | $ 10,483.55 | $ 155B 175M | 2.894 % | -2.367 % | 21.73 % | 0 % | 14M 802K people |
1981 | $ 188B 448M | $ 12,530.47 | $ 11,760.39 | $ 176B 866M | 4.127 % | -4.056 % | 20.88 % | 0 % | 15M 39K people |
1982 | $ 187B 87M | $ 12,236.78 | $ 12,290.85 | $ 187B 913M | 0.063 % | -4.105 % | 18.76 % | 0 % | 15M 289K people |
1983 | $ 179B 514M | $ 11,593.89 | $ 12,551.90 | $ 194B 347M | -0.474 % | -3.146 % | 16.95 % | 0 % | 15M 483K people |
1984 | $ 197B 175M | $ 12,577.14 | $ 13,659.26 | $ 214B 140M | 6.346 % | -4.146 % | 20.14 % | 0 % | 15M 677K people |
1985 | $ 174B 419M | $ 10,969.39 | $ 14,651.39 | $ 232B 965M | 5.456 % | -4.861 % | 18.34 % | 0 % | 15M 901K people |
1986 | $ 181B 514M | $ 11,247.06 | $ 15,086.27 | $ 243B 474M | 2.448 % | -5.048 % | 17.62 % | 0 % | 16M 139K people |
1987 | $ 213B 142M | $ 13,000.74 | $ 15,963.43 | $ 261B 714M | 4.893 % | -3.389 % | 20.18 % | 0 % | 16M 395K people |
1988 | $ 271B 142M | $ 16,248.65 | $ 16,927.36 | $ 282B 468M | 4.253 % | -3.832 % | 25.25 % | 0 % | 16M 687K people |
1989 | $ 308B 356M | $ 18,206.38 | $ 18,136.76 | $ 307B 177M | 4.644 % | -5.999 % | 25.37 % | 0 % | 16M 937K people |
1990 | $ 324B 69M | $ 18,874.40 | $ 18,841.02 | $ 323B 496M | 1.513 % | -4.848 % | 22.99 % | 1.871 % | 17M 170K people |
1991 | $ 324B 449M | $ 18,669.07 | $ 19,052.36 | $ 331B 111M | -0.995 % | -3.279 % | 18.35 % | -0.978 % | 17M 379K people |
1992 | $ 318B 84M | $ 18,117.09 | $ 19,787.31 | $ 347B 408M | 2.584 % | -3.258 % | 19.26 % | -3.114 % | 17M 557K people |
1993 | $ 309B 298M | $ 17,455.63 | $ 20,859.79 | $ 369B 616M | 3.929 % | -3.026 % | 21.11 % | -2.898 % | 17M 719K people |
1994 | $ 353B 374M | $ 19,748.80 | $ 22,121.09 | $ 395B 822M | 4.851 % | -4.52 % | 21.60 % | -1.783 % | 17M 893K people |
1995 | $ 379B 95M | $ 20,921.82 | $ 22,962.94 | $ 416B 80M | 2.959 % | -4.984 % | 20.60 % | -0.498 % | 18M 120K people |
1996 | $ 424B 750M | $ 23,172.29 | $ 24,042.53 | $ 440B 701M | 4.013 % | -3.46 % | 21.42 % | 0.568 % | 18M 330K people |
1997 | $ 426B 412M | $ 23,036.83 | $ 25,347.49 | $ 469B 182M | 4.658 % | -2.917 % | 21.76 % | 1.22 % | 18M 510K people |
1998 | $ 381B 500M | $ 20,394.94 | $ 26,558.49 | $ 496B 793M | 4.708 % | -4.904 % | 21.53 % | 1.142 % | 18M 706K people |
1999 | $ 412B 62M | $ 21,780.07 | $ 27,804.99 | $ 526B 48M | 4.411 % | -5.471 % | 20.55 % | 1.646 % | 18M 919K people |
