GDP (QoQ) (Australia)
Event Date: Wednesday, December 7, 2022
Event Time: 00:30 CET
Updated Tuesday, December 6, 2022
The Australian GDP report released in December 2017 and in March 2018 showed that the Australian economy was slowing down, but the reports released in June and September showed that the economy was reviving once again as growth averaged to around 1% in a quarter. But, the growth slowed to just 0.3% in Q3 of last year and even further to 0.2% in Q4 of 2018. In Q1 we saw a pickup in economic growth to 0.4%, while for Q2 of this year the Australian economy grew again, this time by 0.5%. The GDP report is around two months old so it is not a leading indicator, but it will show the trend of the economy. The GDP expanded by 0.4% in Q3 and it ticked higher to 0.5% in Q4. But, we saw a contraction in Q1 of this year, with the GDP declining by 0.3% in that quarter, while in Q2 the economy shrank by 7.0%. In Q3 it expanded by 3.3%, while in Q4 it expanded by 3.1%. Q1 of 2021 came at 1.8% while in Q2 it slowed to 0.7%. Q1 of 2022 expanded at 0.8% after a 3.4% expansion we saw in Q4 of last year, while Q23 is expected to slow at 0.6% after the 0.8% expansion we saw in Q2. Please follow us for live coverage in real-time of the event by experienced analysts.
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About GDP (QoQ) (Australia)
Calculated by the Australian Bureau of Statistics, the Gross Domestic Product (GDP) is an aggregate measure of the value of goods and services produced in Australia. GDP (QoQ) is released four times per year, serving as relative comparisons of quarterly statistics. Australia is a top 20 global power in terms of GDP, led by its strong service and industrial sectors. In general terms, Australian GDP is a primary market driver for the Aussie. It is viewed as a comprehensive representation of domestic economic prowess. Strong GDP statistics are considered to be bullish toward the AUD, while weak figures are bearish.