Australia’s economy grew by 0.1 per cent in March quarter in very weak start to 2024

Australia’s economy grew by 0.1 per cent in March quarter in very weak start to 2024
  • PublishedJune 5, 2024

Australia’s economy grew by 0.1 per cent over the first three months of 2024 and 1.1 per cent over the year, according to the Australian Bureau of Statistics (ABS) national accounts.

Treasurer Jim Chalmers said it wasn’t a surprise to see the economy barely growing, but Australia was still doing better than many comparable countries.

“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. 

“Over the past year, around three quarters of OECD economies have recorded a negative quarter while Australia has avoided one to date.

“Australia recorded faster annual growth than most major advanced economies – faster than Canada, Italy, the United Kingdom, Japan and Germany,” he said.

Katherine Keenan, ABS head of national accounts, said the national economy had now experienced “its lowest through-the-year growth since December 2020”.

She said economic activity per person has now fallen for the fifth-consecutive quarter, dropping 0.4 per cent in the March quarter and 1.3 per cent through the year.

SOURCE: ABCNEWS

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