Australia's GDP grew by 0.2% in the fourth quarter, at least for 5 quarters

According to the Australian Bureau of Statistics, in the fourth quarter of 2023, the Australian economy showed minimal growth over the past five quarters, amounting to 0.2% compared to the previous period July-September.

At the same time, the estimate of GDP growth in the third quarter was revised upward to 0.3% from the previous 0.2%.

The consensus forecast of experts assumed an increase of 0.3% in the fourth quarter, as in October-December.

Despite the slowdown in growth, the Australian economy has maintained a positive trend, showing growth for nine consecutive quarters.

Consumer spending in the fourth quarter increased by 0.1% (in July-September it decreased by 0.2%). The savings rate of the population increased for the first time in nine quarters, reaching 3.2% compared with a revised 1.9% a quarter earlier.

Government spending growth slowed to 0.6% from the previous 1.5%. Business investments decreased by 0.2% in October-December after an increase of 1.5% in the third quarter.

The volume of Australian exports decreased by 0.3% in the fourth quarter, while imports decreased by 3.4%.

On an annualized basis, Australia's GDP increased by 1.5% in the fourth quarter compared to the same period a year earlier. In the third quarter, this figure was 2.1%, as previously reported.