Australian economic growth slows to 1.1 pc: ABS

CANBERRA: Australia's economy saw a growth of 0.1% in the initial three months of 2024, official figures have disclosed. The Australian Bureau of Statistics (ABS) released national accounts data on Wednesday, demonstrating that Australia's gross domestic product (GDP) rose by 0.1% from the start of January to the end of March, and by 1.1% in the 12 months up to the end of March.

This signifies the slowest pace of annual growth since the 12-month period ending in December 2020. In comparison, Australia's GDP expanded by 0.2% in the last three months of 2023 and by 1.5% in the year up to December 2023.

Reacting to these figures, Treasurer Jim Chalmers noted that the growth was below the median market expectation. He ascribed this relatively modest growth to higher interest rates, along with moderate but sustained inflation and continuing global uncertainty. Nonetheless, he expressed appreciation for any growth in light of the domestic and global circumstances we are facing.

The ABS indicated that GDP per capita, which gauges economic activity on a per-person basis, fell for the fifth consecutive quarter at the outset of 2024 and by 1.3% over the 12-month period.

By RSS/Xinhua