GDP

Seasonally adjusted real GDP rose 0.2% in Q2 2024, in line with the market expectations. The annual growth rate slowed to 1.0%, slightly more than the 0.9% expected but the least, outside of COVID-19, since the early 1990s recession. Real GDP per capita declined another 0.4%, to be down 1.5% through the year. Real GDP rose by just 1.5% in 2023-24 compared to 2022-23.

Seasonally adjusted real GDP rose 0.1% in Q1 2024, slightly less than the 0.2% expected by the markets and the upwardly revised 0.3% registered for Q3 2023 (originally 0.2%). The annual growth rate decelerated 0.5ppts to 1.1%. Real GDP per capita fell 0.4% in the quarter, to be down 1.3% YoY.

Seasonally adjusted real GDP rose 0.2% in Q4 2023, to be 1.5% up through the year, in line with the market expectations. Real GDP per capita fell 0.3%, the third quarterly decline in a row, to be down 1.0% YoY. Western Australian real state final demand was up 0.8% QoQ and 5.5% YoY, the highest growth rates of all the states.

Seasonally adjusted real GDP rose 0.2% in Q3 2023, less than the 0.4% expected by the markets. Net exports detracted 0.6ppts from growth and household consumption growth was flat in the quarter. Western Australia saw the strongest increase in state final demand of all states, with solid gains in investment and government consumption.

Seasonally adjusted real GDP rose by 0.4% in Q2 2023, broadly in line with expectations and the same as in Q1 (upgraded from 0.2%). The annual growth rate decelerated to 2.1% from 2.4%. Western Australian real state final demand rose 0.4% QoQ and 3.7% YoY, the highest annual growth of all states.

Australian seasonally adjusted real GDP rose by 0.2% (exp.: 0.3%) in Q1 2023, taking the annual rate of growth down to 2.3%. The GDP price deflator, the broadest measure of inflation in the economy, rose 1.9% in Q1. However, its annual rate of growth slowed to the still elevated 6.8%.