GDP in Detail: Calm before the storm

The Australian Bureau of Statistics (ABS) today released the national accounts for the December quarter, which registered soft 0.5% growth in real GDP over the quarter and just 2.2% growth over the year.

On a per capita basis, real GDP rose by 0.2% over the quarter and by 0.7% over the year.

According to the ABS, seasonally adjusted GDP growth for the quarter was driven by household consumption spending (0.2%), inventories (0.2%), government consumption (0.1%) and net exports (0.1%), whereas private investment detracted 0.2% from GDP growth:

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.