Australia's economy grew 0.5 per cent in the final three months of 2022, well below most economists' forecasts.
abc.net.au/news/australian-gdp-december-2022-abs-economic-growth-slowing/102038014Australia's economy grew 0.5 per cent in the final three months of 2022, according to Bureau of Statistics figures.A slump in imports and rise in exports kept Australia's economy from contractingThis was well below most economists' forecasts, although annual growth of 2.7 per cent was in line with analyst expectations.
"Spending on discretionary services drove the rise in household consumption, however growth markedly slowed in comparison to the September quarter." "The fall was driven by increased interest payable on dwellings, income tax payable and increased spending."
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