Australia’s economic growth is shrinking as interest rate hikes, high inflation, and unfavourable global conditions continue to take a toll on the economy.
According to the latest national accounts, Australia’s GDP (gross domestic product) only grew by 0.2 percent in the March quarter, down from 0.6 percent in the previous three months and the lowest level since the COVID-19 Delta lockdowns in September 2021.
The figure was also below market expectations of a 0.3 percent quarter growth.
Additionally, the economy expanded by 2.3 percent in the 12 months to March.
Katherine Keenan, the head of national accounts at the Australian Bureau of Statistics (ABS), said capital investments from the public and private sectors were the main driver of economic growth in the March quarter….