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|
|
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Quarters (a) (b) |
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Annual average (c) (d) |
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2011 |
2012 |
|
|
| Country |
2008 |
2009 |
2010 |
2011 |
|
Dec |
Mar |
Jun |
Sep |
|
|
|
|
|
|
|
|
|
|
| Australia |
2.2 |
1.5 |
2.4 |
2.2 |
|
2.6 |
4.4 |
3.7 |
|
| Canada |
0.7 |
-2.8 |
3.2 |
2.4 |
|
2.2 |
1.8 |
2.5 |
|
| China |
9.6 |
9.2 |
10.3 |
9.4 |
|
8.9 |
8.1 |
7.6 |
7.4 |
| France |
-0.1 |
-3.1 |
1.7 |
1.7 |
|
1.2 |
0.3 |
0.3 |
|
| Germany |
1.1 |
-5.1 |
4.2 |
3.0 |
|
1.9 |
1.2 |
1.0 |
|
| Indonesia |
6.0 |
4.6 |
6.3 |
6.4 |
|
6.5 |
6.3 |
|
|
| Italy |
-1.2 |
-5.5 |
1.8 |
0.4 |
|
-0.5 |
-1.5 |
-2.6 |
|
| Japan |
-1.0 |
-5.5 |
4.5 |
-0.8 |
|
-0.6 |
2.8 |
3.3 |
|
| Korea (South) |
2.3 |
0.3 |
6.3 |
3.6 |
|
3.4 |
2.9 |
2.3 |
|
| Malaysia |
4.9 |
-1.5 |
7.1 |
5.1 |
|
5.3 |
4.9 |
5.5 |
|
| New Zealand |
-0.7 |
-0.2 |
0.9 |
0.3 |
|
1.4 |
2.0 |
|
|
| Philippines |
4.2 |
1.1 |
7.6 |
3.8 |
|
4.0 |
6.3 |
6.0 |
|
| Singapore |
1.7 |
-1.0 |
14.8 |
4.9 |
|
3.5 |
|
|
|
| Thailand |
2.4 |
-2.3 |
7.8 |
0.1 |
|
-8.9 |
0.4 |
4.2 |
|
| United Kingdom |
-1.0 |
-4.0 |
1.8 |
0.8 |
|
0.6 |
-0.2 |
-0.5 |
|
| United States |
-0.3 |
-3.1 |
2.4 |
1.8 |
|
2.0 |
2.4 |
2.3 |
|
| OECD average |
0.2 |
-3.6 |
3.0 |
1.8 |
|
1.5 |
1.7 |
|
|
| G7 average |
-0.3 |
-3.9 |
2.8 |
1.4 |
|
1.3 |
1.7 |
1.6 |
|
| EU (15) average (e) |
-0.5 |
-1.0 |
2.1 |
1.4 |
|
1.5 |
1.7 |
2.9 |
|
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(a) Percentage change in gross domestic product at constant prices over corresponding quarter of previous year.
(b) Seasonally adjusted, except for China
(c) Percentage change in gross domestic product at constant prices over previous year.
(d) Years shown are calendar years.
Sources: Datastream
(e) Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden and United Kingdom
ABS, Australian national accounts: national income, expenditure and product,Cat. no. 5206.0
Late November 2012
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Key points
The overall outlook for the world economy is not great. As we go further into 2012 every economic region seems to be either slowing or in recession. However, there are some marked differences between the major economic regions.
Europe is in the worst shape. Weighed down by debt woes many Euro-one countries are now in recession. Britain, which is still struggling with the fallout from the Global Financial Crisis, has also slipped back into recession.
The US seems set for a modest, but febrile, recovery. Its own debt problems won’t go away, but it seems to be in a better position than Europe.
The emerging Asian economies, such as China, are still growing, but at a much slower pace than in the past.
At 3.7 per cent Australia is one the fastest growing developed economies. However, with China slowing this pace may not be sustainable for much longer.
What is measured
Economic growth is measured using estimates of the gross domestic product (GDP) of an economy. GDP is equal to an economy’s total output of goods and services less inputs, used in the production of those goods services, but before allowing for depreciation.
GDP statistics are published in current prices and constant prices, i.e. adjusted for the effects of inflation. It is the GDP at constant prices data that are used to show economic growth. This is also known as real growth.
The data shown here are from estimates of GDP compiled following international standards.
Related statistics in this bulletin
- 3.1 Gross domestic product
- 3.2 Non-farm gross domestic product
- 8.2 Consumer prices
- 8.3 Unemployment rates
- 8.4 Short-term interest rates
Related publications
- OECD, Economic outlook
- IMF, International financial statistics
- IMF, World economic outlook
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