In the third quarter of 2022, Australia’s GDP grew by 0.6% on a quarterly basis, slower than the expected growth of 0.7%, and slower than the previous +0.9%. On an annual basis, GDP jumped by 5.9%, in line with the outlook of economists, who had forecast an expansion of around 6%, at the strongest pace since at least 2000, thanks to the easing of Covid-related lockdowns in effect last year. The Australian economy started to emerge from the ‘quarantine’ phase at this time in 2021.
Economists had tipped annual growth to be about 6%, or the fastest since at least 2000.
(expected +0.7%, prior +0.9%)