Australia GDP Gains 0.3% On Quarter In Q3

(RTTNews) - Australia's gross domestic product expanded a seasonally adjusted 0.3 percent on quarter in the third quarter of 2024, the Australian Bureau of Statistics said on Wednesday.

That missed expectations for an increase of 0.5 percent, although it was up from 0.2 percent in the previous three months.

On an annualized basis, GDO was up 0.8 percent - again missing forecasts for a gain of 1.1 percent and down from 1.0 percent in the three months prior.

Nominal GDP rose 0.4 percent. The GDP implicit price deflator (IPD) rose 0.1 percent, as a rise in the domestic final demand deflator (+0.7 percent) was partly offset by a fall in the terms of trade (-2.5 percent). High construction prices and skilled labor shortages kept domestic prices elevated, although the rate of price growth has gradually slowed.

The terms of trade fell due to lower export prices (-2.6 percent), the third consecutive quarterly fall. Weakness in global bulk commodity prices was driven by a fall in demand, particularly from China for metallurgical coal and iron ore for steel manufacturing. Import prices (-0.1 percent) also fell, in line with lower oil prices.