Economic growth in Australia in the second quarter of 2024.
AUD little changed following the data.
Weak growth for the Australian economy.
The 1% y/y is the slowest since 1991 (apart from the pandemic recession). The RBA forecast 0.9% so the result would seem to have minimal monetary policy implications.
subdued household demand detracted 0.1% from GDP growthgovernment consumption added 0.3%domestic final demand contributed 0.2% household consumption was weak, due to reduced discretionary spendinginvestment made no contribution to growth, as net transfers of second-hand assets resulted in a detraction from total private investment (-0.1%) and was offset in public investment (+0.1%)net trade contributed 0.2% percentage points to GDP, with a rise in exports (0.5%) and a fall in imports (-0.2%)inventory change detracted 0.3% from GDP, with a smaller build-up in inventories compared to the March quarter.
More:
household savings rate unchanged at 0.6% of household incomeGDP Chain Price Index -0.9% (prior +0.8%)
This article was written by Eamonn Sheridan at www.forexlive.com.
