Australia GDP growth slows in Q1, dragged down by high inflation

Rising prices, higher interest rates sap consumer activity

Shoppers walk past a store in Sydney: Australia's statistics bureau reported on June 5 that the country's GDP growth slowed to 0.1% in the January March quarter. © Reuters

SHAUN TURTON, Nikkei staff writer

June 5, 2024 11:27 JST

Updated on June 5, 2024 15:20 JST

SYDNEY -- Australia's economy grew by a slight 0.1% in the first quarter of the year, according to figures from the Australia Bureau of Statistics, the slowest pace since the pandemic ended.

Figures released Wednesday show gross domestic product (GDP) grew 0.1% in January to March. GDP grew 0.3% in the preceding quarter, according to ABS. Annual growth to the March quarter came to 1.1%