The construction sector's contribution to Australia's GDP stood at 9.25 in 2023, having shown an average annual growth rate (CAGR) of 0.59% over the past five years. The sector has maintained a steady upward trajectory from 2013 to 2023, with recent year-on-year variations indicating 0.87% growth in 2022 and 0.76% in 2023.
Looking ahead, the construction sector's contribution to GDP is forecasted to rise to 9.60 by 2028, suggesting a total growth of 3% over the next five years. Future trends to watch for include potential impacts of infrastructure development, government policies, and market demand fluctuations which could influence this growth trajectory.
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