Forex and other markets news
1.03.2023, 15:25
Aussie GDP grows just 0.5%
Aussie GDP grows just 0.5%
Aussie GDP grew only 0.5% in Q4/2022 as rising interest rates affected the economy.
The Australian Bureau of Statistics (ABS) said on Tuesday gross domestic product (GDP) rose 0.5 per cent in the fourth quarter, compared to a 0.7 per cent rise in the third quarter and below. which analysts expected at 0.8%
Fourth quarter GDP grew at its weakest rate in a year due to the impact of central bank interest rate hikes and high inflation. In addition, all signs suggest that the Australian economy is likely to slow down further in the days ahead.
The ABS also reported the same day that The Consumer Price Index (CPI), which measures inflation on consumer spending, came in at 7.4 percent in January, although below expectations. But it is considered to be at a very high level. This could pressure the Reserve Bank of Australia (RBA) to continue raising interest rates to as high as 4.35% in the middle of this year.
At the meeting on February 7, the past The Reserve Bank of Australia's Monetary Policy Committee raised the policy rate by 25 basis points to 3.35%, the ninth consecutive month of hikes and the longest on record.
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