GDP

Seasonally adjusted real GDP rose 0.2% in Q4 2023, to be 1.5% up through the year, in line with the market expectations. Real GDP per capita fell 0.3%, the third quarterly decline in a row, to be down 1.0% YoY. Western Australian real state final demand was up 0.8% QoQ and 5.5% YoY, the highest growth rates of all the states.

Seasonally adjusted real GDP rose 0.2% in Q3 2023, less than the 0.4% expected by the markets. Net exports detracted 0.6ppts from growth and household consumption growth was flat in the quarter. Western Australia saw the strongest increase in state final demand of all states, with solid gains in investment and government consumption.

Seasonally adjusted real GDP rose by 0.4% in Q2 2023, broadly in line with expectations and the same as in Q1 (upgraded from 0.2%). The annual growth rate decelerated to 2.1% from 2.4%. Western Australian real state final demand rose 0.4% QoQ and 3.7% YoY, the highest annual growth of all states.

Australian seasonally adjusted real GDP rose by 0.2% (exp.: 0.3%) in Q1 2023, taking the annual rate of growth down to 2.3%. The GDP price deflator, the broadest measure of inflation in the economy, rose 1.9% in Q1. However, its annual rate of growth slowed to the still elevated 6.8%.

Australian seasonally adjusted real GDP rose by 0.5% in Q4 2022, less than the 0.7% pencilled in by the market. The annual growth rate decelerated to 2.7%, which was in line with the market expectations.

Australian seasonally adjusted real GDP rose 0.6% in Q3 2022, slightly less than the 0.7% expected by the markets. The annual growth rate accelerated to 5.9%, reflecting a low statistical base from the previous year. The market consensus was for a 6.3% YoY gain. Western Australian real state final demand rose 0.6%, to be 3.3% up through the year.