Australian GDP Grows Strongly in First Quarter as Demand Remains High

The Australian National Bureau of Statistics (ABS) reported today that Gross domestic product (GDP) in Q1/22 grew 0.8% on a quarterly basis. This was driven by a strong increase in domestic demand.

Year-on-year, Australian GDP grew 3.3% in the first quarter, following a 4.4% increase in Q4 21, while analysts expect the Australian economy to grow faster as consumer spending recovers.

According to the ABS, retail sales reached a record high in April and recorded increases for the fourth consecutive month, indicating that Australian households continue to spend. Despite the cost of living, which has increased due to rising prices for fuel and other commodities.

April retail sales rose 0.9% to a record high of A$33.9 billion ($24.1 billion).

The data reflect the continued recovery of the Australian economy, and consumers are adjusting to rising inflation. This also includes rising interest rates and a slowdown in the housing market.

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