Australian Economy Surprisingly Slows as Rates Damp Spending
- Household spending was flat while savings ratio slid further
- Government spending was a key driver of third-quarter growth
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Australia’s economy surprisingly slowed sharply in the three months through September as consumers hunkered down and further depleted their savings in the face of rising borrowing costs and elevated prices.
Gross domestic product advanced 0.2% from the prior quarter versus economists’ estimate of a 0.5% gain, Australian Bureau of Statistics data showed Wednesday. From a year earlier, the economy grew 2.1% from a downwardly revised 2%.