GDP in detail: Australia’s “no recession” run ends

Wednesday 3 June 2020

The Australian Bureau of Statistics (ABS) today released the national accounts for the March quarter, which registered a 0.3% decline in real GDP over the quarter and just 1.4% growth over the year.

On a per capita basis, real GDP slumped by 0.7% over the quarter and was flat (0.0%) over the year.

According to the ABS, seasonally adjusted GDP growth for the quarter was driven by falls in household consumption (-0.7%), inventories (-0.2%) and Private capital formation (-0.1%), offset by increased net exports (+0.5%) and government consumption (+0.3%) [note exports and imports are back to front below]:

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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.