GDP of Australia rises 0.2 percent in April-June period for 3rd straight quarter
(MENAFN) Australia's GDP grew by 0.2 percent in the April-June quarter, marking a third consecutive quarter of this growth rate, according to data released by the Australian Bureau of Statistics (ABS) on Wednesday. This figure, which is consistent with the growth rate of the previous quarters, fell short of market expectations of 0.3 percent and represents the slowest pace of growth since the July-September 2022 period.
Despite this subdued growth, the Australian Economy has expanded for eleven consecutive quarters. However, the pace of growth has moderated over the 2023-24 financial year, reflecting a broader slowdown. Katherine Keenan, head of national accounts at the ABS, highlighted that the growth for this quarter was supported by increased government spending, which rose by 1.4 percent during the same period.
Government spending was a key driver of growth, particularly in the non-defense sector, which saw its seventh consecutive quarter of expansion. The increase in June was attributed to robust social benefits programs related to health services and higher state and local expenditures, including a rise in employee expenses. In contrast, household spending decreased by 0.2 percent over the three months ending in June, which subtracted 0.1 percentage points from the overall GDP growth.
On an annual basis, Australia's GDP fell by 1 percent in the second quarter, a slowdown from the revised 1.3 percent growth recorded in the first quarter. For the 2023-24 financial year, the economy grew by 1.5 percent, marking the weakest growth rate since the 1991-92 period, excluding the impacts of the COVID-19 pandemic.
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