Australian GDP surged 3.1% in Q4, beats expectations

The ABS has released Australia’s national accounts for the December quarter of 2020, with GDP surging by 3.1% over the quarter, easily beating analyst’s forecasts of a 2.5% rise. However, GDP fell 1.1% in calendar year 2020.

Below are the key statistics:

• The Australian economy rose 3.1% in seasonally adjusted chain volume measures
• Through the year GDP fell 1.1%
• The terms of trade rose 4.7%
• Household saving ratio decreased to 12.0% from 18.7%

And below is the main chart:

I’ll be back later with my usual detailed report.