Australian Q4 2022 GDP 0.5% q/q, a big miss
- expected +0.8%, prior +0.6%
2.7% y/y
- expected 2.7%, prior 5.9%
---
This is a stark indication of a slowing rate of growth in the economy.
--
The 'chain price index', of note because of high inflation in Australia, comes in at +0.6% for Q4.
The GDP deflator, also a (more widely accepted) measure of inflation has come in at 9.1% for the year. Ugly stuff.
The rate of household saving has fallen to its lowest since 2017 at 4.5% from a peak just under 13% a year ago. Inflation pressures are eating into savings.
What the Australian Bureau of Statistics had to say about inflation numbers in the GDP data:
