Australia GDP grew 3.3% qoq in Q3, above expectation of 2.5% qoq. Household spending drove the rebound by rising 7.9%. Final consumption expenditure rose 5.9%. Total gross fixed capital formation dropped -0.1%. Exports dropped -3.2% while imports rose 6.5%.
Head of National Accounts at the ABS, Michael Smedes said: “Following the record 7.0 per cent decline in the June quarter, Australia experienced a partial recovery in the September quarter. As a result, economic activity fell 3.8 per cent through the year to September quarter.”
Treasurer Josh Frydenberg said, “facing a once-in-a-century pandemic that has caused the greatest economic shock since the Great Depression, Australia has performed better on the health and economic fronts than nearly any other country in the world.”
“Technically, Australia’s recession may be over, but Australia’s economic recovery is not,” he said. “There is a lot of ground to make up and many Australian households and many Australian businesses are doing it tough – very tough.”
