Australia’s GDP grew by 0.2% qoq in Q2, aligning with market expectations. However, GDP per capita declined for the sixth consecutive quarter, falling by -0.4% qoq. For the 2023-24 financial year, the economy expanded by 1.5%.
Katherine Keenan, head of national accounts at the Australian Bureau of Statistics, noted, “The Australian economy grew for the eleventh consecutive quarter, although growth slowed over the 2023-24 financial year.”
Keenan also pointed out that excluding the pandemic period, annual financial year growth was the lowest since 1991-92, a year marked by the recovery from the 1991 recession.
