The Australian Bureau of Statistics reported on Wednesday that Australia's Gross Domestic Product (GDP) saw a seasonally adjusted growth of 0.2% in the fourth quarter of 2024. This growth matched predictions and remained unchanged from the preceding three months.
Annually, the GDP rose by 1.5%, surpassing the anticipated 1.4%. However, this growth figure highlights a slowdown from the 2.1% observed in the third quarter.
Nominal GDP saw an increase of 1.4%, with the GDP Implicit Price Deflator (IPD), a measure that reflects the price levels of goods and services produced domestically, increasing 1.2%. This growth in the IPD was prompted primarily by the surge in export prices resulting from amplified demand for iron ore and coal from overseas markets. Import prices saw a 0.8% rise, largely due to a weaker Australian dollar.
Furthermore, the terms of trade, reflecting the relative price of exports versus imports, rose by 2.2%.
