GDP Contracted 0.3% in the March quarter

  • Jun 03, 2020 AEST
  • Team Kalkine

As per ABS, Australian GDP fell 0.3% during the March quarter while growth slowed to 1.4% in 12 months to 31 March 2020 in seasonally adjusted chain volume terms.

  • Public demand contributed 0.3 percentage points to GDP, driven by 1.8% rise in government final consumption expenditure.
  • Private demand diminished 0.8 percentage points from GDP propelled primarily by a 1.1% decrease in household final consumption expenditure
  • Net Trade contributed 0.5 percentage points to GDP
  • Imports of goods fell 3.9% while imports of services dropped 13.6%
  • Export of services declined 12.8% with restrictions on overseas arrivals

Bruce Hockman, Chief Economist for ABS, stated it as the “slowest through-the-year growth since September 2009” and captured the beginning of likely economic impacts of coronavirus.


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