Australia GDP Adds 0.1% In Q1

(RTTNews) - Australia's gross domestic product expanded a seasonally adjusted 0.1 percent on quarter in the first quarter of 2024, the Australian Bureau of Statistics said on Wednesday.

That was shy of expectations for an increase of 0.2 percent following the upwardly revised 0.3 percent gain in the previous quarter (originally 0.2 percent).

On an annualized basis, GDP grew 1.1 percent - again, just missing forecasts for 1.2 percent following the upwardly revised 1.6 percent gain in the three months prior (originally 1.5 percent).

Capital expenditure was down 0.9 percent on quarter after slipping 0.2 percent previously, while final consumption grew to 0.6 percent from 0.2 percent earlier.

Nominal GDP was up 1.4 percent.