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Australia's economy grew slightly in Q2 on exports and investment
The Straits Times|September 07, 2023
Australia's economy expanded by more than expected in the second quarter, driven by exports and public investment, while household consumption remained weak as decade-high interest rates worked to cool demand.
Australia's economy grew slightly in Q2 on exports and investment

Data from the Australian Bureau of Statistics on Wednesday showed that real gross domestic product (GDP) rose 0.4 per cent in the second quarter, slightly beating forecasts of 0.3 per cent. That compared with an upwardly revised 0.4 per cent growth in the first quarter.

Annual growth was at 2.1 per cent, above expectations for 1.8 per cent.

The world's 12th-largest economy received a boost from net exports with the return of students, tourists and public investment, which more than offset the drag from business inventories.

"For all its challenges, the Aussie economy remains remarkably resilient," said Mr Harry Murphy Cruise, an economist at Moody's Analytics.

This story is from the September 07, 2023 edition of The Straits Times.

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Australia's economy grew slightly in Q2 on exports and investment
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This story is from the September 07, 2023 edition of The Straits Times.

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