Australian economic growth data for the January - March period 2023.
0.2% q/q for a miss on already low estimates
- expected 0.3%, prior 0.5%
2.3% y/y
- expected 2.4%, prior 2.7%
Inflation indicator in the data ... little sign of diminishing price pressures here:
- The GDP implicit price deflator rose 1.9 per cent in the March quarter and 6.8 per cent compared to March 2022.
Growth components:
- Domestic final demand contributed 0.5 percentage points to GDP growth
- Capital investment drove demand and contributed 0.4 percentage points to GDP
- Consumption expenditure by households and government were subdued, with a combined contribution of 0.1 percentage points to GDP. Household consumption (+0.2%) slowed as discretionary spending fell below essential spending for the first time since the Delta-variant lockdowns. Government expenditure grew 0.1%.
- Net trade detracted 0.2 percentage points from GDP
- Changes in inventories recorded a build-up of $2.4 billion in March quarter, matching the build-up in the December quarter, and did not contribute to growth.
More:
- Household saving ratio decreased to 3.7% from 4.4%, the lowest level since June 2008. Sheesh, slower savings contributed to crappy economic growth. Not good.
- Productivity down 0.3% to be down 4.6% over the year
