The latest economic growth figures, to the end of last year, are expected to show a robust economy. But the outlook for 2023 is far less rosy, warn many analysts.
NAB is expecting a quarterly GDP number of 0.8 per cent, ANZ 1 per cent
NAB warns there is close to a 50/50 chance that Australia will slip into recession over the coming couple of yearsIt's backwards-looking data but it's still significant.NAB sees a 0.8 per cent growth in the fourth quarter of 2022. Gross domestic product basically consists of growth in consumption spending , business spending and investment, government spending and the difference between exports and imports.It is clear from the partial data already available that Australians spent quite a bit on services late last year, and that will have given the economy a bit of a kick."In part, this reflects the ongoing recovery in services spending," Mr Oster noted, as people resume lifestyles closer to pre-COVID norms.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Confusion surrounds China’s energy policies as GDP and climate goals clashWave of permits for coal-fired power plants sparks concern as ambitions for GDP growth and lowering emissions come into conflict
Read more »
Australia tipped to avoid recession this year, but it will still feel like one for manyTop economists say the RBA and its fight to bring down inflation will be the key influence on the strength of the economy through 2023 and into next year.
Read more »
Harvey Norman says sales slow but no sign of recessionShares in Harvey Norman dived 12 per cent after January sales fell by double digits. But executive chairman Gerry Harvey says that despite the pullback in spending, Australia is not headed for a recession.
Read more »
‘Doom and gloom’ in US as fears rise for a recessionThe Australian's Washington Correspondent Adam Creighton says there is “doom and gloom” in the US as fears grow for a recession, with the cash rate continuing to climb. “There’s been lots of doom and gloom over here – the cash rate, the interest rate here – has gone from basically zero to 4.75 per cent in about 12 months, that’s a very rapid increase,” Mr Creighton told Sky News host Sharri Markson.
Read more »
Economic slowdown is coming, CEOs warnBusiness chiefs have warned that economic growth is poised to slow as nine months of interest rate rises and energy cost hikes take their toll on the economy.
Read more »
Australia news LIVE: PM says nation’s cybersecurity process ‘not at level it needs to be’; ASX falls as inflation fears hit Wall StreetPwC is expected to become the next corporate sponsor to withdraw support from Adelaide Writers’ Week, in response to the festival’s inclusion of two controversial Palestinian authors. That story and more in today's live blog.
Read more »