Australia GDP Climbs 5.9% On Year In Q3

Australia’s gross domestic product expanded 5.9 percent on year in the third quarter of 2022, the Australian Bureau of Statistics said on Wednesday.

That was shy of expectations for an increase of 6.2 percent and up from 3.6 percent in the three months prior.

On a seasonally adjusted quarterly basis, GDP picked up 0.6 percent – again missing forecasts and slowing from 0.9 percent in the previous three months.

Capital expenditure was down 0.2 percent on quarter after rising 0.2 percent in Q2, while the GDP deflator added 0.2 percent on quarter after jumping 3.3 percent in the second quarter.