Australian Q2 2024 GDP +0.2% q/q (expected +0.3%)

Economic growth in Australia in the second quarter of 2024.

AUD little changed following the data.

Weak growth for the Australian economy.

For the y/y its 1.5%. Major news wires are reporting 1%, but the data from the Australian Bureau of Statistics show 1.5%

The RBA forecast 0.9% so the result would seem to have minimal monetary policy implications.

• subdued household demand detracted 0.1% from GDP growth
• government consumption added 0.3%
• domestic final demand contributed 0.2%
• household consumption was weak, due to reduced discretionary spending
• investment made no contribution to growth, as net transfers of second-hand assets resulted in a detraction from total private investment (-0.1%) and was offset in public investment (+0.1%)
• net trade contributed 0.2% percentage points to GDP, with a rise in exports (0.5%) and a fall in imports (-0.2%)
• inventory change detracted 0.3% from GDP, with a smaller build-up in inventories compared to the March quarter.

More:

• household savings rate unchanged at 0.6% of household income
• GDP Chain Price Index -0.9% (prior +0.8%)

This article was written by Eamonn Sheridan at www.forexlive.com.