Moderate decline in GDP kills the silly recession predictions.

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Economic growth has predictably retreated over the September quarter, but the results were significantly better than the gloomy numbers that had been widely forecast. Recession Australia Note Money Economy Squeeze Tighten Save Saving Budget Cut 300x200

This certainly kills stone dead the prospects of another recession as was also predicted by many.

The ABS reports that the national GDP contracted 1.9% seasonally adjusted over the September quarter which particularly reflects the impact of the coronavirus lockdown is in NSW and Victoria.

State final demand contracted sharply over the September quarter in New South Wales by 6.5%, with Victoria down 1.4%, and Canberra falling 1.6%.

All other states, with the exception of Western Australia, reported strong economic growth over the quarter.

Gdp September

With lockdowns having ended in October, the prospect of a sharp rebound in economic activity is clearly likely over the December quarter with a sustained recovery set to continue over 2022.

Although challenges remain with the emergence of coronavirus variants, the Australian economy has again proven resilient with consumer confidence rising with the ending of coronavirus elimination policies through lengthy lockdowns.

ALSO READ: Five reasons to expect a cooling in the Australian property market and falling prices in 2023

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About

Dr Andrew Wilson, Chief Economist of www.MyHousingMarket.com.au is widely regarded as Australia’s leading property economist.


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