Financial News: Australia GDP Gains 0.5% On Quarter In Q4

Australia GDP Gains 0.5% On Quarter In Q4

02/28/2023 - 19:39:00 (RTTNews)

(RTTNews) - Australia's gross domestic product expanded a seasonally adjusted 0.5 percent on quarter in the fourth quarter of 2022, the Australian Bureau of Statistics said on Wednesday.

This was shy of expectation for an increase of 0.8 percent and down from the upwardly revised 0.7 percent gain in the previous three months (originally 0.6 percent).

On an annualized basis, GDP was up 2.7 percent - in line with expectations and down from 5.9 percent in the three months prior.

Capital spending sank 1.4 percent on quarter after slipping 0.2 percent in the previous quarter, while final consumption slowed to 0.4 percent from 0.8 percent in Q3.

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