The Australian economy grew by 0.2% in the December quarter 2023. It is the fourth quarter in a row that has recorded a gradual decline in GDP growth.
GDP growth is 1.5% in the year, this is the lowest annual growth figure since the pandemic and has decreased from 2.1% in the year to September 2023.
0.2% quarterly growth was slightly below expectations and does give further evidence of a quickly slowing economy. Though Australia contrasts favourably with Japan and the UK who have entered recession recently.
GDP per capita has declined by 1% during the year however, with strong population growth working to improve the raw GDP figures.
1.5% GDP growth in the year is also far below inflation figures in the year (4.1%) which can decrease consumer spending and thereby also prove difficult for many SA businesses.
