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Australia's GDP grew by 0.2% in the fourth quarter, at least for 5 quarters


March, 06 2024
watermark Economic news

According to the Australian Bureau of Statistics, in the fourth quarter of 2023, the Australian economy showed minimal growth over the past five quarters, amounting to 0.2% compared to the previous period July-September.


At the same time, the estimate of GDP growth in the third quarter was revised upward to 0.3% from the previous 0.2%.


The consensus forecast of experts assumed an increase of 0.3% in the fourth quarter, as in October-December.


Despite the slowdown in growth, the Australian economy has maintained a positive trend, showing growth for nine consecutive quarters.


Consumer spending in the fourth quarter increased by 0.1% (in July-September it decreased by 0.2%). The savings rate of the population increased for the first time in nine quarters, reaching 3.2% compared with a revised 1.9% a quarter earlier.


Government spending growth slowed to 0.6% from the previous 1.5%. Business investments decreased by 0.2% in October-December after an increase of 1.5% in the third quarter.


The volume of Australian exports decreased by 0.3% in the fourth quarter, while imports decreased by 3.4%.


On an annualized basis, Australia's GDP increased by 1.5% in the fourth quarter compared to the same period a year earlier. In the third quarter, this figure was 2.1%, as previously reported.


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