The Australian economy recorded GDP growth in the first quarter ending in March, according to Australian Bureau of Statistics (ABS) estimates released Wednesday morning. This growth was estimated at 1.3% year-on-year, unchanged from the fourth quarter of last year, falling short of market expectations of a 1.5% increase. The economy expanded by 0.2% quarter-on-quarter in the first quarter, compared to 0.6% in the fourth quarter of last year (expected 0.4%).
Private demand contributed to growth, with household consumption growing by 0.2% and private investment by 0.1%. Net trade fell by 0.1%, with exports of goods and services declining by -0.8% and imports declining by -0.4%.