GDP and Economic Growth in Australia in Last 5 Years

Economics Assignment
GDP and economic growth in Australia in last 5 years
5/26/2018

Economic Assignment 1
GDP and economic growth in Australia in last 5 years
Gross domestic product (GDP) is one of the major indicators that are used to measure the health
of the economy of the country. It reflects that total value of all the goods and services that are
produced in a specific period of time. There are generally two types of GDP one is nominal GDP
and other is real GDP. The nominal GDP define the country’s economic output without any
adjustment related to the inflation. On the other hand, the real GDP is equal to the economic
output adjusted for the effects of the inflation (Kramer, 2018). Most of the economist takes the
help of the GDP to look for the economy of the country. The economy of the country is
depended on the GDP of the country. Economy of the nation is directly concern with the
production, distribution and the consumption of the goods and services that takes place in the
nation. The paper talks about the GDP and the economic growth in Australia in last 5 years.
Australia is known as the nation having the mixed economies (Nordea, 2018). The rise in the
economic takes place when there is increase in the inflation-adjusted market value of the goods
and services that is produced by an economy over time.
GDP of Australia reflects the total market value of the final goods and services that have been
manufactured within a country in an allowed period of time which is usually a year. The figures
of the GDP permit in understanding the economy of Australia in a very clear manner. Real GDP
is also considered as one of the important economic indicators that measure the price changes
into the account (Focus Economics, 2018). Therefore, the overall analysis reflects that GDP of
the country reflects the economic growth. The GDP growth rate in Australia us steady foothold
which means it is a somewhat shaky post-recession world.

Economic Assignment 2
(Source: Statista, 2018)
The above image reflects the GDP of Australia from the year 2012 to 2022. In the year 2012, the
country was having the highest GDP that is 3.9% then in the last few years. This image also
reflects the prediction related to the GDP of the country in the coming few years till the year
2022. This expectation reflects that the economic growth of Australia will rise in the coming
years. Considering the GDP of the year 2018, it is expected that it will rise from the year 2017
because in 2017 the GDP of Australia was 2.27% which is expected to rise to 2.96% (Statista,
2018). The GDP of Australia is important to evaluate the performance of Australia's economy.
According to the Bureau of Statistics, the GDP data get to publish on a quarterly and the annual
basis.
The economy of Australia advanced 0.4% in the December quarter of the year 2017, less than the
market consensus of a 0.6% expansion along with an upwardly update 0.7% growth in the
previous quarter (Scutt, 2018).

Economic Assignment 3
(Source: Trading economics, 2018)
The above image reflects that it is having weakest growth rate since a contraction in the
September quarter 2016 as a positive influence majorly came from the final consumption
expenditure while non-dwelling construction and net trade had a downward effect. The image
reflects that GDP growth rate of Australia for the year 2016 and 2017. This image shows that the
growth rate is low than the previous year in Australia.
The GDP of the country has the direct relationship with the economic growth of the country. The
Australian economic grew approx. 0.6% last quarter and 2.8% over the past year (Janda, 2017).
This reflects that the economy of the country is improving but it is less than expectations of the
economist. In addition, the Reserve bank of Australia talks about the economic growth of the
nation will accelerate in the year 2018 by 3% (Trading economics, 2018). The Australian trade
data in the present day reflects that the data is set to add significantly to Q1 GDP when it
released in a month. It is fact that the RBA of the company predicts the economic growth of the
country for the future years and considering the same they make strategies and plans for the