Growth in Australia is below expectations
Australia’s first quarter GDP came in below expectations.
According to data released by the Australian Bureau of Statistics (ABS), the Australian economy grew by 1.1 percent on an annual basis in the first quarter, slowing down from the revised fourth quarter growth figure of 1.6 percent. Economists had expected a growth of 1.2 percent.
On a quarterly basis, Australia’s GDP increased by 0.1 per cent; This figure remained below the expected 0.2 percent.
“GDP growth was weak in March, with the economy experiencing its lowest growth for the year since December 2020,” said Katherine Keenan, an official at the Australian bureau of statistics.