Australia's economy grew 0.5pc in December 2022 quarter, ABS data reveal, well below most economists' forecasts

 Australia's economy grew 0.5 per cent in the final three months of 2022, according to the Bureau of Statistics' National Accounts figures.

This was well below most economists' forecasts, although annual growth of 2.7 per cent was in line with analyst expectations.

While household spending continued to rise at the end of last year, the growth rate has started to slow in the face of rising interest rates and high inflation.

"After four quarters of strong growth following the Delta-variant lockdowns, growth in household spending softened in the December quarter," the bureau's head of national accounts, Katherine Keenan, said.

Read More: https://www.abc.net.au/news/2023-03-01/australian-gdp-december-2022-abs-economic-growth-slowing/102038014