The Australian Bureau of Statistics today released data for the gross domestic product for the fourth quarter of 2021which exceeded expectations as follows:
- The Year-on-year GDP in the fourth quarter rose 4.2%above the 3.7% expected.
- The Quarter-on-quarter GDP in the fourth quarter rose 3.4%above the 3.0% expected.
- the australian economy increased 3.4% in chain volume measures seasonally adjusted.
- Real net national disposable income increased by 1.7%.
- Terms of trade fell 5.1%.
- LThe household savings rate decreased to 13.6% from 19.8%.
”Gross domestic product GDP rose by 3.4% this quarter as NSW, Victoria and the ACT emerged from extended lockdowns in October 2021. This rise came after a 1.9% drop in the previous quarter. GDP in the December 2021 quarter was 3.4% above pre-pandemic December 2019 levels.
About Australia’s GDP
The Australian Bureau of Statistics (ABS) publishes the Gross Domestic Product (GDP) on a quarterly basis. It is published about 65 days after the end of the quarter. The indicator is closely watched as it paints an important picture for the economy. A strong labor market, rising wages and rising private capital spending data are critical to the country’s improved economic performance, which in turn affects the monetary policy decision of the Reserve Bank of Australia (RBA) and the Australian dollar. . Actual numbers beating estimates are seen as bullish for the AUD as they could prompt the RBA to tighten monetary policy.
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
