Canberra - (Saba):
Australia's economic growth slowed more than expected in the first quarter of 2025, reaching just 0.2%, compared to a previous forecast of 0.4%.
Data released by the Australian Bureau of Statistics showed that the pace of growth and economic recovery was affected by weak household consumption, declining business investment, and lower public spending, in addition to severe weather conditions that negatively impacted the mining, tourism, and shipping sectors.
The data indicated that the annual growth rate stabilized at 1.3%, while per capita GDP fell by 0.2%, after a slight increase of 0.1% in the previous quarter.
Australia saw a 2% decline in public spending, while household consumption growth slowed from 0.7% to 0.4%, as government support programs, such as energy rebates, continued to be reduced throughout the year.