Economics

Australia’s Economy Rebounds, Confronts Darkening Global Outlook

GDP grew 3.4% in 4Q as households tapped savings to spend up
Rising energy prices due to Ukraine likely to spur inflation

Shoppers along a street in Sydney on Feb. 28.
Photographer: Brent Lewin/Bloomberg

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By Swati Pandey

March 2, 2022 at 12:41 AM UTC

Updated on

March 2, 2022 at 2:03 AM UTC

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Australia’s economy rebounded strongly last quarter from a virus-driven contraction, yet enters a bumpy period from faster inflation fueled by Russia’s invasion of Ukraine that is set to test households’ resilience.