Australian GDP up 0.6% in Q3

by IANS |

Canberra, Dec 7 (IANS) Australia has reported slower than expected economic growth for the third quarter of 2022.

The Australian Bureau of Statistics (ABS) on Wednesday revealed that the gross domestic product (GDP) increased by 0.6 per cent in the three months to the end of September, reports Xinhua news agency.

In the 12 months to September the Australian economy grew by 5.9 per cent.

Economists had widely tipped a 0.7 percent increase in the third quarter of the year.

According to the ABS, growth was driven by a 13.9 per cent increase in transport services and a 5.5 per cent jump in spending at hotels, cafes and restaurants.

Household spending increased by 1.1 per cent from the June quarter.

"The September quarter was the fourth consecutive quarter of economic growth, following a contraction in the September quarter 2021, which was impacted by the Covid-19 Delta outbreak," Sean Crick, ABS head of National Accounts, said in a media release.

The portion of Australians' earnings being put away into savings fell from 8.3 per cent in the June quarter to 6.9 per cent.

Employee compensation rose by 3.2 per cent, the biggest quarterly increase since 2006.

Responding to the data, Treasurer Jim Chalmers said it was a solid outcome amid substantial global uncertainty but warned of further challenges to come.

"This paints a picture of an economy which is relatively robust, despite the substantial challenges being thrown at it from around the world," he told reporters.

Latest News
Rahul issue: PM burnt in effigy, massive protests across Wayanad for 2nd day Sat, Mar 25, 2023, 02:45 PM
India registers fresh 1,590 Covid cases, 6 deaths Sat, Mar 25, 2023, 02:42 PM
Motorsports: Celebratory weekend kicks off with WIAA 'Women's Rally to the Valley' 2023 Sat, Mar 25, 2023, 02:38 PM
Snap acquires Th3rd that creates digital 3D counterparts of people, products Sat, Mar 25, 2023, 02:35 PM
Will continue to address concerns of Punjabi community in Canada: Minister Sat, Mar 25, 2023, 02:29 PM
Rahul Gandhi says he isn't Savarkar, won't apologise Sat, Mar 25, 2023, 02:04 PM
Severe thunderstorm warning for Aus state ahead of Earth Hour event Sat, Mar 25, 2023, 02:00 PM
Threat calls to Nitin Gadkari: Maha cops inspect Karnataka prison Sat, Mar 25, 2023, 01:58 PM
Congress stages protest march in Guwahati over Rahul Gandhi's disqualification Sat, Mar 25, 2023, 12:50 PM
Bengal government issues guidelines for civic volunteers in police duty Sat, Mar 25, 2023, 12:45 PM
PM arrives in Karnataka; inaugurates hospital, to dedicate Metro line in B'luru Sat, Mar 25, 2023, 12:36 PM
Yemen government warns of return to full-scale conflict as Houthis escalate attacks Sat, Mar 25, 2023, 12:13 PM
Is Pinarayi Vijayan playing games to appease Modi? asks Cong on Rahul issue Sat, Mar 25, 2023, 12:11 PM
Delhi court adjourns hearing on Sisodia's bail plea in ED case for April 5 Sat, Mar 25, 2023, 11:36 AM
Land-for-job case: ED summons Misa Bharti, asks her to appear today Sat, Mar 25, 2023, 11:22 AM