Australia GDP: $1.75 trillion

World Economics estimates Australia's 2024 GDP at $1.75 trillion in PPP terms (Purchasing Power Parity) and an initial estimate of $1.786 trillion for 2025. This figure is 10% higher than the official estimate published by the World Bank.

World Economics' methodology incorporates crucial factors often overlooked in official estimates, such as:

• The size of the informal economy: It is estimated that 10% of Australia's economic activity occurs outside the formal sector.
• Outdated GDP base year data: Many countries use outdated base years for their GDP calculations, leading to an underestimation of economic growth. Australia uses a chain-weighted GDP base year.

By adjusting for these factors where required, World Economics provides a more accurate picture of Australia's true economic size and potential.

For reference, offical data reported Australia's GDP as $1.728 trillion in 2015 constant prices and $1.728 trillion in current prices for 2023.

Data source: World Economics Research, London