GDP

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.

Australian seasonally adjusted real GDP rose 0.9% in Q2 2022, in line with the market expectations. The annual growth rate accelerated to 3.6% from 3.3% in the previous quarter. The major contribution to the rise in real GDP in Q2 was household consumption expenditure, which rose by 2.2% and added 1.1ppts to the increase.

Australian seasonally adjusted real GDP rose 0.8% in Q1 2022, exceeding market expectations for a 0.6% increase. The annual growth rate of GDP declined to 3.3% from 4.4% in the previous quarter. Western Australia saw the second strongest quarterly increase of all states in real state final demand (2.2%), after Victoria.

Australian seasonally adjusted real GDP rose 3.4% in Q4 2021, exceeding market expectations for a 3.0% increase. This was the fastest increase since Q1 1976, and slightly surpassed the rebound in Q3 2020 when the Aussie economy sprang back after the nationwide lockdown. The Q4 rise in real GDP was attributable to the recovery from the Delta outbreaks over east.

Australian seasonally adjusted real GDP declined 1.9% in Q3 2021, less than the 2.7% fall expected by the markets. The big decline in Q3 real GDP growth was unsurprisingly driven by a 4.8% drop in household consumption spending amid lockdowns over east. Western Australian real state final demand rose 0.6%, driven mainly by a 1.9% increase in household consumption.