Australia: Economic growth lost momentum in 2022 – UOB – by pabspiovano Australia GDP Inflation CPI Banks
Economist at UOB Group Lee Sue Ann comments on the latest GDP and inflation results in Australia.“The Australian economy grew 0.5% q/q in 4Q22, below expectations of 0.8% q/q, and below the revised 0.7% q/q print in 3Q22. From a year earlier, the economy expanded by 2.7% y/y, within expectations, but much lower from 3Q22’s reading of 5.9% y/y.
“Meanwhile, monthly CPI rose 7.4% y/y in Jan, down from 8.4% y/y in Dec. The latest reading, however, is the second highest annual increase since the start of the monthly CPI indicator series in Sep 2018, signifying ongoing high inflation. That said, inflation seems to have peaked in 4Q22, in line with our view.
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