Australia’s GDP grew by 0.3% qoq in Q3, falling short of expectations for a 0.5% qoq expansion, while annual growth reached 0.8% yoy. However, GDP per capita declined by -0.3% qoq, marking the seventh consecutive quarter of contraction.
Katherine Keenan, head of national accounts at the Australian Bureau of Statistics, remarked that “the Australian economy grew for the twelfth quarter in a row, but has continued to slow since September 2023.”
Public sector spending was the key driver of growth during the quarter, with government consumption and public investment making significant contributions.
