Australia Economy Almost Stalls as High Rates Hit Households
- Rising imports were offset by higher exports and inventories
- Household savings slid to 0.9% from downwardly revised 1.6%
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Australia’s economy all-but stalled in the first three months of the year as elevated interest rates and cost of living pressures weighed heavily on households and broader activity.
Gross domestic product rose just 0.1% from an upwardly revised 0.3% in the prior quarter and below economists’ forecast of 0.2%, government data showed Wednesday. From a year earlier, it grew 1.1%, also missing estimates.