Australia's economic growth for the third quarter of 2024 showed minimal improvement, as government spending barely offset weak exports and subdued consumer demand. According to data released by the Australian Bureau of Statistics on December 4, the country's gross domestic product (GDP) increased by 0.3% compared to the previous quarter, falling short of economists' expectations of a 0.5% rise.
Year-on-year, the economy expanded by 0.8%, which also did not meet the forecast of 1.1%. This sluggish growth highlights ongoing challenges in the Australian economy, particularly in the areas of trade and consumer spending.