The Australian Bureau of Statistics released economic growth data for Australia early on Wednesday, revealing that real GDP growth in Australia reached its highest rate since 2022 for the last quarter of 2024, which ended in December.
According to the data, Australia's economic growth figures were positive on a quarterly basis, with Australian GDP growing by about 0.6% in the fourth quarter compared to the third quarter, which was in line with market expectations. Australia recorded a 0.3% growth in GDP during the third quarter of 2024.
On an annual basis, the rate of economic growth in Australia accelerated in the fourth quarter compared to the same quarter of the previous year, with the economy growing by 1.3%, which was better than expectations that projected a growth of about 1.2%. Australia had experienced a 0.8% growth in GDP during the third quarter of the year.
It is worth noting that GDP is a measure of the total value of all goods and services produced within Australia. GDP is also considered a broad measure of economic activity, and an increase in the economic growth rate positively impacts the movements of the Australian dollar against other currencies, while a decline in the index negatively affects the Australian dollar.
