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HomeNewsAustralian economy’s gross domestic product GDP expands in September quarter, ABS national...

Australian economy’s gross domestic product GDP expands in September quarter, ABS national accounts show

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The Australian economy grew by 0.6 per cent in the September quarter, its fourth consecutive quarter of growth.

The national gross domestic product expanded at an annual rate of 5.9 per cent, figures released by the Australian Bureau of Statistics on Wednesday show.

Household consumption drove the increase, growing 1.1 per cent, with Australians spending more and saving less.

The average Australian household saved 6.9 per cent of their income during the quarter, compared to 6.8 per cent in the December quarter of 2019.

This September quarter lift was the fourth consecutive quarter of growth since the Covid-19 Delta variant lockdowns forced the economy to contract in the latter half of 2021.

More to come

Story Credit: news.com.au

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