Australia's GDP rises 0.6%, exports offset grew 2.7% in Q3 2022: ABS

GDP in seasonally adjusted chain volume terms rose by 5.9 per cent through the year, as per ABS.

Australia’s net trade in the September quarter of 2022 detracted 0.2 percentage points from GDP.

Exports rose for the second consecutive quarter, driven by both goods and services exports. Rural goods (up 9.8 per cent QoQ) were the main contributor to goods exports, with increases in cotton.

“The September quarter was the fourth consecutive quarter of economic growth, following a contraction in the September quarter 2021, which was impacted by the COVID-19 Delta outbreak,” said Sean Crick, ABS head of national accounts.

Increased household spending once again drove GDP growth, Crick added.

ALCHEMPro News Desk (DP)