Australia's Q1 2021 GDP growth slows to 1.5-year low, impacting AUD/USD.
TL;DR
Australia's GDP expanded by 2.3% YoY in Q1 2022, slightly below analyst expectations, with private and public gross fixed capital formation being the main drivers of growth. The GDP readings are crucial to the Reserve Bank of Australia's decision-making process for its monetary policy. The RBA raised its benchmark policy rate to 4.1%, an 11-year high, on Tuesday, and Governor Philip Lowe reiterated his position that the central bank will seek to navigate a "narrow path" to preserve labor market improvement and return inflation to its target range.
Topics:businesseconomy#australia#economic-growth#economy#gdp#interest-rates#reserve-bank-of-australia
- Australia's economy expands 2.3% in the first quarter, slowest growth in 1½ years CNBC
- Australia Q1 economy grows at slowest pace in 1-1/2 years Reuters
- Australian Dollar Tad Softer After GDP; Is AUD/USD About to Reverse This Week's Gains? DailyFX
- Australia's Economy Cools as Aggressive Rate Hikes Take Toll Bloomberg
- When is the Australian Q1 2023 GDP release and how could it affect AUD/USD? FXStreet
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