Australia’s GDP Inches Up in March Quarter 2024, GDP Per Capita Drops for Fifth Consecutive Quarter

Australia, Police

In the March quarter of 2024, Australia’s Gross Domestic Product (GDP) saw a modest rise of 0.

Australian Bureau of Statistics (ABS).

Despite this slight increase, the GDP per capita fell for the fifth consecutive quarter, signalling a contraction in economic growth on a per-person basis.

Domestic final demand remained subdued during the quarter, with a meagre growth of 0.

The rise in imports was offset by an increase in exports and changes in inventories.

Government final consumption expenditure witnessed a 1.

Household spending rose by 0.

Discretionary spending also increased, with more expenditure on overseas travel and entertainment events.

However, total capital investment fell by 0.

Net trade detracted from GDP growth, as imports grew by 5.

The household saving ratio also dropped to 0.

December 2021.

Despite these setbacks, the labour market showed signs of slowing growth, with compensation of employees rising by 1.

September 2021.

Overall, the March quarter of 2024 saw a mixed bag of economic indicators, with a slight increase in GDP but a continued drop in GDP per capita.

The subdued domestic final demand, along with a fall in total capital investment, suggests that the Australian economy is still grappling with the aftermath of the COVID-19 pandemic.