The Australian economy expanded 0.6% qoq in Q3 of 2022, compared with market forecasts of 0.7% and after a 0.9% rise in Q2. This was the fourth straight quarter of growth in the economy but the softest rise in the sequence, as household consumption grew the least in a year amid intense cost pressures and rising interest rates (1.1% vs 2.1% in Q2). Wednesday’s release also showed household savings ratio fell to 6.9% in Q3 from 8.3% in Q2, despite a large rise in compensation of employees. Meantime, government spending rose slightly after falling previously (0.1% vs -0.6%); while private investment bounced back (0.8% vs -0.9%), buoyed by activities in both dwelling (1%) and non-dwelling (8.6%) and despite drops in ownership transfer costs (-11.2%) and machinery and equipment (-2.7%). Net external demand was a drag on the GDP as commodity prices fell, with imports growing 3.9%, while exports rose at a slower 2.7%. On a yearly basis, the economy advanced 5.9%, less than consensus of 6.2%. source: Australian Bureau of Statistics
GDP Growth Rate in Australia averaged 0.83 percent from 1959 until 2022, reaching an all time high of 4.40 percent in the first quarter of 1976 and a record low of -7.00 percent in the second quarter of 2020. This page provides - Australia GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Australia GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2022.
GDP Growth Rate in Australia is expected to be 0.60 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Australia GDP Growth Rate is projected to trend around 0.90 percent in 2023 and 0.80 percent in 2024, according to our econometric models.