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In the third quarter of 2024, Australia's economy grew by 0.3% compared to the previous quarter, a slight improvement from the 0.2% growth seen in the second quarter. This growth marks the twelfth quarter of economic expansion; however, it was lower than the expected 0.4% growth for this period.
Several key factors contributed to this growth:
Fixed Investment: Increased significantly, mainly driven by public investment, which rose 6.3%.
Government Spending: Stayed stable at 1.4%, helping to support the economy.
Household Spending: Did not change much, remaining flat after a decline in the second quarter. This was mostly because people cut back on spending for non-essential items.
Trade Balance: Exports went up by 0.2%, while imports dropped by 0.3%, which positively impacted GDP.
On a yearly basis, the economy grew by 0.8%, the slowest growth rate since the fourth quarter of 2020. Australia's economy is also dealing with high interest rates intended to control inflation, although inflation has recently started to show signs of easing.
