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Australia GDP Q4 2021

Australia: The economy cools in Q1

Economic activity increased 0.8% on a seasonally-adjusted quarter-on-quarter basis in Q1 2022, following the previous quarter’s 3.6% expansion.

Household spending expanded 1.5% in Q1, following the 6.4% jump logged in Q4. However, fixed investment increased at a stronger pace of 2.7% in Q1 from the 0.4% uptick recorded in the previous quarter. Meanwhile, government consumption growth accelerated to 2.7% in Q1 (Q4 2021: +0.7% s.a. qoq).

On the external front, exports of goods and services decreased 0.9% in the first quarter (Q4 2021: -1.0% s.a. qoq), while imports of goods and services expanded 8.1% in Q1 (Q4 2021: +0.7% s.a. qoq).

Meanwhile, in annual terms, GDP growth slowed to 3.3% in the first quarter, from 4.4% in the fourth quarter.

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