The drop in economic growth in the December 2022 quarter has raised concerns about Australia’s economic outlook as the country continues to struggle with high inflation and interest rate hikes.
In the three months to December 2022, Australia’s GDP (gross domestic product) grew by 0.5 percent, taking the annual growth to 2.7 percent.
The figure was lower than the 0.7 percent increase recorded in the previous quarter and fell short of the 0.8 percent growth forecasted by many economists.
As the economy slowed down, the Business Council of Australia warned that the nation was more vulnerable than ever to global economic headwinds, citing a drop in productivity and business investments….