Gross domestic product growth rates

Outpacing the collective average

Australia's annual GDP growth rate has outpaced the collective average for advanced economies in 19 of the last 22 years, demonstrating the country's economic resilience and flexibility.

Australia was able to outperform all advanced economies in the wake of the global financial crisis due to:

  • a timely fiscal and monetary response
  • flexible exchange rate
  • resilient financial system
  • strong trade links and 
  • high population growth

As such, it is one of the few advanced countries to have avoided a recession over that period.

Economic growth forecast

For 2014, Australia will again be among the leading advanced nations for economic growth. The IMF is forecasting growth of 2.8% for Australia, above the 2.0% forecast for all advanced economies, which continue to recover slowly from the global financial crisis.

The developing Asian nations, led by China and India, are forecast to remain the strongest performing group in terms of economic growth in coming years, ensuring ongoing demand for Australia's exports.

Gross Domestic Product Real Growth Rates
Country 2012 2013(e) 2014(f) Annual average
2002-20121
China 7.7 7.6 7.3 10.4
India 3.2 3.8 5.1 7.7
Singapore 1.3 3.5 3.4 6.0
Indonesia 6.2 5.3 5.5 5.7
Philippines 6.8 6.8 6.0 5.2
Malaysia 5.6 4.7 4.9 5.1
Hong Kong SAR 1.5 3.0 4.4 4.5
Thailand 6.5 3.1 5.2 4.2
Taiwan 1.3 2.2 3.8 4.1
Korea 2.0 2.8 3.7 3.6
Australia 3.7 2.5 2.8 3.0
New Zealand 2.7 2.5 2.9 2.1
United States 2.8 1.6 2.6 1.8
United Kingdom 0.2 1.4 1.9 1.3
Germany 0.9 0.5 1.4 1.2
France 0.0 0.2 1.0 1.0
Japan 2.0 2.0 1.2 0.8

Footnotes:

(e) = estimate
(f) = forecast

  1. Annual average growth rate over 10 years to 2012 based on actual growth.

Source: World Economic Outlook, October 2013, International Monetary Fund