ABS updates on Australian National Accounts; GDP improved 0.6%

Australian Bureau of Statistics (ABS) has released quarterly estimates of key economic flows in Australia, including GDP, consumption, investment, income and saving.

In the media release, ABS highlighted that the Australian economy improved 0.6% in seasonally adjusted chain volume measures during the September 2022 quarter. It was the fourth consecutive quarter of growth. GDP improved 5.9% through the year, which reflects a sustained growth since the outbreak of delta covariant in September 2021 quarter. Household spending was the key contributor in the GDP growth.

 In nominal terms, GDP grew 0.8%. The GDP implicit price deflator (IPD) improved 0.2% with higher domestic prices offset by a fall in the terms of trade, which dropped 6.6% during September 2022 quarter. Australia witnessed a 2.8% drop in export and 4.1% rise in import prices. Mining commodities was the major contributor to the fall in export prices due to weaker overseas demand for iron ore, and coal prices which tumbled from record highs in previous quarters.   

Household saving ratio dropped from 8.3% to 6.9%. The saving dropped as the increase in household outlay outpaced growth in gross disposable income.

Source: ABS, Australian National Accounts: National Income, Expenditure and Product September 2022

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