Up 1.1% yr/yr (Il Sole 24 Ore Radiocor) - Canberra, 05 Jun - In the first quarter of 2024, Australian gross domestic product (GDP) rose 0.1% compared with the previous three month and 1.1% year on year, on a seasonally adjusted, chain volume measure, according to figures released by the Australian Bureau of Statistics (ABS).

Katherine Keenan, ABS head of national accounts, said 'GDP growth was weak in March, with the economy experiencing its lowest through the year growth since December 2020. GDP per capita fell for the fifth consecutive quarter, falling 0.4% in March and 1.3% through the year.' Domestic final demand was subdued in the quarter, growing 0.2%. The rise in imports of goods and services was offset by an increase in exports and change in inventories, ABS added.

Economists were expecting GDP to rise 0.2% quarter on quarter and 1.2% annually.

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(RADIOCOR) 05-06-24 08:42:21 (0165) 5 NNNN