Australias GDP increased by 0.6%

According to the data released by the Australian Bureau of Statistics, Australia’s Gross Domestic Product (GDP) grew by 0.6% in seasonally adjusted chain volume terms in the September quarter of 2022 and by 5.9% through the year.

Household spending increased by 1.1% for the quarter, contributing 0.6 percentage points to GDP, mainly driven by spending on Hotels, cafes and restaurants increased by 5.5%, Transport services up by 13.9%, and Purchase of vehicles increased by 10.1%.

Employee's compensation increased by 3.2%, the highest rise since the December quarter of 2006, driven by tight labor market situations. The unemployment rate was at a multi-decade low, and job vacancies were at high levels.

Source: Australian Bureau of Statistics

The household saving-to-income ratio declined to 6.9% from 8.3% for the fourth straight quarter as increases in household spending overtook household income growth despite an upsurge in the compensation of employees.

Net trade was reduced 0.2 percentage points from GDP, with a 2.7% rise in exports offset by a 3.9% rise in imports. Imports increased strongly, mainly driven by Travel services imports that increased 58.0%, as Australians travelled abroad.

The terms of trade declined 6.6%, the major decline since the June quarter of 2009, as import prices surged and export prices dropped. Lower demand for some mining commodities, mainly iron ore, dragged export prices down.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com