The Australia GDP Growth Rate – 2018 to 2022

The Australia GDP Growth has been remarkable in the past few years as it is the economy with the longest recession-free period. The GDP per capita of Australia was 56, 698 US$ in 2018 approximately. It was 55, 692 in 2017. The rate of inflation in Australia in the same year was 2.49%. This is another crucial indicator of its economic scenario.

The below table demonstrates the Australia GDP growth figures for 2018 with projections up to 2022. The GDP of Australia grew by around 2.2% in 2017 in comparison with the previous year.

Sl No	Year	GDP in US$
1.	2018	56, 698.1
2.	2019	57, 205.58
3.	2020	59. 229.28
4.	2021	61, 047.7
5.	2022	63, 229.44

 

The Land Down Under has remained recession proof for 26 years now. GDP is one among the primary indicators to assess the health and state of a nation’s economy.

GDP figures permit a clear understanding of the economy of a nation. Real GDP is also a very useful indicator. It is a measurement that takes into account changes and prices – deflation and inflation. Therefore, it acts as a crucial indicator of the growth of an economy, as quoted by the Statista.

The Australian GDP growth rate has been able to establish a stable foothold in the rather unsteady world in the post-recession period. The rate of unemployment is also decreasing annually in Australia.

Much deserved attention and praise has been earned by Australia due to the fact that it has emerged as the longest recession-free economy. This could be due to various factors including its opulent raw materials. The mining boom in Australia and recession at a time of high prices of commodities are also contributing factors. Most important of all, just below 1/3rd of its exports are for China.

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