Australia GDP growth weakest in 18 months as consumers struggle

Data from the Australian Bureau of Statistics showed real gross domestic product rose 0.2% in the first quarter, easing from 0.5% in the previous quarter and under forecasts of 0.3%. — Reuters

SYDNEY: Australia’s economy grew at the weakest pace in 1½ years in the last quarter as high prices and rising interest rates sapped consumer spending, while emerging signs pointed to further softness ahead amid elevated borrowing costs and a slowdown in global growth.

Data from the Australian Bureau of Statistics yesterday showed real gross domestic product (GDP) rose 0.2% in the first quarter, easing from 0.5% in the previous quarter and under forecasts of 0.3%.