Australia's GDP rises 0.6%, exports offset grew 2.7%
Australia’s Gross Domestic Product (GDP) increased 0.6% quarter-on-quarter (QoQ) in seasonally adjusted chain volume terms in the September quarter of 2022, according to figures released by the Australian Bureau of Statistics (ABS).
The country’s exports offset increased by 2.7% QoQ, while the imports grew by 3.9% QoQ.
GDP in seasonally adjusted chain volume terms rose by 5.9% through the year, as per ABS.
Australia’s net trade in the September quarter of 2022 detracted 0.2 percentage points from GDP.
Exports rose for the second consecutive quarter, driven by both goods and services exports.
Rural goods (up 9.8% QoQ) were the main contributor to goods exports, with increases in cotton.
“The September quarter was the fourth consecutive quarter of economic growth, following a contraction in the September quarter 2021, which was impacted by the COVID-19 Delta outbreak,” said Sean Crick, ABS head of national accounts.
Increased household spending once again drove GDP growth, Crick added.
.png)
