Historical Year Data · 1973
Australia Real GDP Growth (WEO) in 1973
Australia Real GDP Growth (WEO) opened 1973 at 2.62% and closed at 2.62%, a +0.00% move for the year. The high of 2.62% was reached on December 31, and the low of 2.62% on December 31.
Open
2.62%
1973-01
Close
2.62%
1 data points
High
2.62%
Dec 31
Low
2.62%
Dec 31
Full Year Change
+0.00%
1972 Change
+0.00%
Monthly Breakdown
| Month | Open | Close | High | Low | Change |
|---|---|---|---|---|---|
| Dec | 2.62% | 2.62% | 2.62% | 2.62% | +0.00% |
Events During 1973
1971 Nixon Shock (End of Gold Standard)
Stagflation
August 15, 1971
On August 15, 1971, President Nixon announced the United States would no longer convert dollars to gold at $35/oz, ending the Bretton Woods system and ushering in the modern fiat era.
1973 OPEC Oil Embargo
Stagflation
October 1973 – March 1974
OPEC quadrupled oil prices and embargoed shipments to the United States in response to US support for Israel in the Yom Kippur War. The shock launched a decade of stagflation.
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