Australia Gross Domestic Product or GDP y/y reflects changes in the market value of goods and services produced by the domestic economy, in the reported quarter compared to the same quarter of the previous year, net of production costs.
Three approaches can be applied to calculating GDP.
These three estimates are produced independently of each other, using different data sources. So, although the results should theoretically coincide, actual GDP estimates are different. The Australian Bureau of Statistics aligns these calculations annually, by balancing them in supply and use tables. Such alignment produces the benchmark GDP, which is used by analysts and economists.
GDP is usually used as an indicator of the national economy state and of the standard of living. Its growth is interpreted as the strengthening of economy, the decline shows weakening.
The impact of GDP on Australian dollar quotes is associated with inflation. In turn, the relationship between GDP and inflation is very delicate. In general, GDP growth is primarily connected with an increase of domestic expenditures, which may increase inflation. This growth may spur the economy and national currency quotes may grow. However, too much GDP growth may be dangerous, since inflationary overheating leads to economy weakening. Most economists today agree that economy can be safe and stable with 2.5% - 3.5% GDP growth per year.
The chart of the entire available history of the "Australia Gross Domestic Product (GDP) y/y" macroeconomic indicator. The dashed line shows the forecast values of the economic indicator for the specified dates.
A significant deviation of a real value from a forecast one may cause a short-term strengthening or weakening of a national currency in the Forex market. The threshold values of the indicators signaling the approach of the critical state of the national (local) economy occupy a special place.
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