Australia’s economy grew by 0.1 percent in the first three months of 2024, official figures have revealed.
According to national accounts data published by the Australian Bureau of Statistics (ABS) on Wednesday, Australia’s gross domestic product (GDP) increased by 0.1 percent between the start of January and the end of March and by 1.1 percent in the 12 months to the end of March.
It marks the slowest rate of annual growth since the 12-month period that ended in December 2020. By comparison, Australia’s GDP grew by 0.2 percent in the final three months of 2023 and by 1.5 percent in the year to December 2023.
Responding to the figures, Treasurer Jim Chalmers said in a statement that growth was lower than the median market expectation.
“The primary cause of this very weak growth was higher interest rates, combined with moderating but persistent inflation and ongoing global uncertainty,” he said, “but any growth is welcome in the domestic and global circumstances we confront.”
The ABS said that GDP per capita, which measures economic activity on a per-person basis, fell for the fifth consecutive quarter to start 2024 and by 1.3 percent through the 12-month period.
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