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Australian GDP expands 0.1% QoQ in Q1 vs. 0.2% expected

2024-06-21FXStreetFXStreet
Australia’s Gross Domestic Product (GDP) grew 0.1% QoQ in the first quarter of 2024 compared with the 0.2% growth in Q4 of 2023, the Australian Bureau of Statistics (ABS) showed on Wednesday.

Australia’s Gross Domestic Product (GDP) grew 0.1% QoQ in the first quarter of 2024 compared with the 0.2% growth in Q4 of 2023, the Australian Bureau of Statistics (ABS) showed on Wednesday. This reading came in below expectations of 0.2%.

The annual first-quarter GDP expanded by 1.1%, compared with the 1.5% growth in Q4 while missing estimates of a 1.2% increase.

Market reaction to Australia’s GDP data

Following the weaker Australian GDP growth numbers, the AUD/USD is down 0.03% on the day to trade at 0.6647, as of writing.

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