March 06, 2024 00:48 GMT
MNI BRIEF: Aussie GDP Growth Prints at 0.2%
Australian GDP growth softened 10 basis points over Q4 2023, growing 0.2% q/q, in line with expectations, data from the Australian Bureau of Statistics showed Wednesday.
GDP per capita improved 20bp to -0.3% q/q, while the household savings-to-income ratio rose to 3.2% q/q from 1.9% after eight consecutive quarterly falls.
“Compensation of employees and government payments were the drivers of the increase in income received by households in December,” noted Katherine Keenan, head of national accounts at the ABS.
GDP per hour worked, a measure of productivity – a key focus for the Reserve Bank of Australia – declined 50bp to 0.5. (See MNI POLICY: RBA Relief As Productivity Weakness Unwinds)
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