Australia’s Per Capita Recession Deepens, Even as Economy Grows
- Government, business investment drove fourth-quarter growth
- Household savings ratio increased to 3.2% from a revised 1.9%
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Australia’s economy slowed in the final three months of last year and a per capita recession deepened as higher rates and rising living costs dragged on household spending.
Gross domestic product advanced 0.2%, easing from an upwardly revised 0.3% in the prior quarter, Australian Bureau of Statistics data showed Wednesday. From a year earlier, the economy grew 1.5%, matching estimates, as did the quarterly change.