Description
Australia Nominal Gross Domestic Product (GDP) in US Dollars is released by the Australian Bureau of Statistics (ABS). Nominal GDP represents the total market value of all final goods and services produced within a country during a specific period, not adjusted for inflation. It is a key indicator used to assess the country's economic performance. A higher Nominal GDP figure generally indicates economic growth, while a lower figure may suggest stagnation or contraction.
Nominal GDP is calculated by summing the market value of all final goods and services produced in a country during a given period, measured in current prices (US dollars). It comprises total consumption, investment, government spending, and net exports (exports minus imports).
The data is updated quarterly, with preliminary estimates typically released 2-3 months after the end of the reference quarter.