Australia GDP grew 0.5% qoq in Q4, above expectation of 0.4% qoq, but slowed from Q3’s 0.6% qoq. Through the year, the economy grew 2.2%. Household consumption and inventories are the main contributor to growth, followed by imports and government consumptions. Public capital formation and exports provided no contributed while private capital formation was a drag. Chief Economist for the ABS, Bruce Hockman, said: “The economy has continued to grow and picked up through the year, however the rate of growth remains below the long run average.”
GDP growth rates, Chain volume measures, quarterly change
