Country Economic Forecasts > Australia

Export momentum building but consumer spending remains weak, so growth still seen at 2.8% this year and 2.5% in 2019

Growth continues to be driven by exports and business investment, with consumers still held back by persistent headwinds. But merchandise exports are trending up, and the business confidence surveys remain comfortably in expansionary territory. In contrast, employment growth has slowed sharply this year and growth in retail spending remains weak, highlighting the challenging environment for households. Our forecast for GDP growth remains at 2.8% this year, up from 2.2% in 2017, and then 2.5% in 2019.

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