Country Economic Forecasts > Australia

GDP growth forecast for this year nudged up to 2.8% after strong Q1, but households face persistent headwinds which will weigh on consumer spending and hold growth to 2.5% in 2019

The economy accelerated in Q1, growing 1% on the quarter after a 0.5% increase in the last three months of 2017. Net exports and inventories were significant drivers, contributing 0.35% pts and 0.2% pts respectively to the increase, but all of the major expenditure categories were supportive. With growth beating our expectations we now forecast that the economy will expand by 2.8% this year, up from 2.7% previously.

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