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Financial News: Australia GDP Jumps 3.3% On Year In Q1

Australia GDP Jumps 3.3% On Year In Q1

05/31/2022 - 21:45:00 (RTTNews)

(RTTNews) - Australia's gross domestic product expanded by an annualized 3.3 percent on year in the first quarter of 2022, the Australian Bureau of Statistics said on Wednesday.

That beat expectations for an increase of 2.9 percent following the 4.2 percent gain in the three months prior.

On a seasonally adjusted quarterly basis, GDP was up 0.8 percent - again exceeding forecasts for an increase of 0.5 percent after surging 3.4 percent in the previous three months.

GDP capital expenditure was up 0.7 percent on quarter and falling 1.5 percent in the previous quarter, while final consumption picked up 1.9 percent on quarter after rising 4.4 percent in Q4.

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