According to data released by the Australian Bureau of Statistics on the 5th, the country’s gross domestic product (GDP) grew by 0.6% quarter-on-quarter in the fourth quarter of 2024, and the annual GDP growth rate reached 1.3%.
Catherine Keenan, director of national accounts at the Australian Bureau of Statistics, said that in the fourth quarter of 2024, the Australian economy generally showed moderate growth. Public and private spending jointly promoted this growth, especially the growth of exports of goods and services.
In the fourth quarter of 2024, Australia’s per capita GDP grew by 0.1% quarter-on-quarter, finally rebounding after seven consecutive quarters of negative quarter-on-quarter growth.
The Australian Bureau of Statistics announcement showed that the increase in exports of intellectual property and other commercial services also contributed to GDP growth.