Australia’s Economic Growth Passes Trough as Households Revive
- GDP per capita rose 0.1%, ending seven quarters of declines
- Household savings ratio rose to 3.8% last quarter from 3.6%
Australia’s economy picked up the pace in the final three months of the year, boosted by a revival in household spending, though the outlook remains clouded by persistent inflation at home and mounting trade tensions abroad.
Government data released Wednesday showed gross domestic product advanced 0.6%, double the pace recorded in the third quarter, while the 1.3% annual expansion exceeded the Reserve Bank’s 1.1% forecast.