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The Australian Bureau of Statistics (ABS) today released the national accounts for the December quarter, which registered a 3.4% rise in real GDP over the quarter and a 4.2% increase through the year.
On a per capita basis, real GDP rose by 3.1% over the quarter to be up 4.0% over the year.
The fall in quarterly GDP was driven by the emergence from hard lockdowns across New South Wales, Victoria and the ACT. Accordingly, household consumption rebounded 6.3% over the quarter, which contributed 3.2% to 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.