June 05, 2024 01:46 GMT
MNI BRIEF: Aussie Q1 GDP Prints At +0.1% Q/Q
(MNI) Melbourne
The Australian economy grew 0.1% in the March quarter, 10 basis points less then expected, while household spending rose 0.4% q/q, according to the National Accounts published by the Australian Bureau of Statistics Wednesday.
“GDP growth was weak in March, with the economy experiencing its lowest through the year growth since December 2020. GDP per capita fell for the fifth consecutive quarter, falling 0.4% in March and 1.3% through the year,” noted Katherine Keenan, head of national accounts at the ABS.
Domestic final demand was subdued, growing 0.2%, the ABS said. "The rise in imports of goods and services was offset by an increase in exports and change in inventories." The household saving-to-income ratio fell to 0.9% from 1.6%.
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