Between 2013 and 2023, the contribution of Wholesale, Retail Trade, Restaurants and Hotels to Australia's GDP decreased from 11.43 to 11.03 units, reflecting a steady downward trend. Specifically, the year-on-year variation from 2022 to 2023 shows a decline of 0.54%. Over the last two years, there was a total decrease of approximately 1.08%. From 2024 onwards, forecast data predicts a continual decline to 10.72 units by 2028, with a projected 5-year CAGR of -0.44% and a forecasted 5-year growth rate of -2.19%.
Future trends to watch for include shifts in consumer behavior, technological advancements in retail, and economic policies that may impact the broader service sector. Monitoring these factors will be critical for understanding further changes in this sector's GDP contribution.
