SYDNEY (Reuters) – Australia’s economic system stayed caught within the gradual lane within the June quarter as punishing borrowing prices and cussed inflation squeezed shoppers, leaving authorities spending as the primary driver of development.
Knowledge from the Australian Bureau of Statistics on Wednesday confirmed actual gross home product (GDP) rose 0.2% within the second quarter, slightly below market forecasts of 0.3%. Annual development dropped to 1.0%, from 1.2% the earlier quarter, lows final seen through the depths of the pandemic.
Family spending, which accounts for half of GDP, truly fell 0.2% within the quarter to pull on development, leaving authorities spending to maintain the economic system afloat.