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.
There is no investor left unperturbed with the ongoing trade conflicts between US-China and the devastating bushfire in Australia.
Are you wondering if the year 2020 might not have taken the right start? Dividend stocks could be the answer to that question.
As interest rates in Australia are already at record low levels, find out which dividend stocks are viewed as the most attractive investment opportunity in the current scenario in our report.