Economic Activity - Australia's GDP rose 0.6% in September quarter

Australia's GDP, or GDP in Indonesia, rose 0.6% seasonally in the September 2022 quarter to 5.9% for the year, according to figures released by ABS Australia today.



ABS National Chief Executive Sean Crick said the increase in household spending was driving GDP growth.
  

Household Spending Drives Australia's GDP Growth

Household spending increased by 1.1% and contributed 0.6% to Australia's economic growth. Growth was driven by spending on Hotels, Cafes, and Restaurants (up 5.5%), transport services (up 13.9%), and vehicle purchases (up 10.1%).

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Australian household spending has played a role in increasing spending on domestic and international travel as Covid-19 lockdown restrictions continue to ease, Crick said.

Export Gains Offset by Strong Import Growth

Net trade subtracted 0.2% from Australia's GDP. Exports increased by 2.7%, offset by imports of 3.9%. Exports rose sequentially and were driven by exports of goods and services. Rural goods rose by 9.8%, with cotton and cereals the main exports. Services exports also grew by 18.6%, as international education and tourism continued to increase. Imports rose sharply, driven by imports of travel services, which rose by 58.0% from Australians travelling overseas. Imports of services have increased by 56% since the pandemic began to recover.

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