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Australia Economic Outlook November 13, Economic activity likely softened in the third quarter, although its pace of expansion should have been robust overall.
Retail sales expanded only modestly in the July—September period, despite lower inflationary pressures and the declining unemployment rate. A weaker pace of job creation, declining house prices and the high level of household debt likely drove the deceleration in consumer spending in Q3.
On the other hand, external demand was buoyant in the third quarter. The trade surplus more than tripled in annual terms in the period, as exports recorded double-digit rates of expansion throughout the quarter on the back of buoyant growth in overseas sales of commodities.
Meanwhile, in the political arena, the conservative government lost its one-seat parliamentary majority; it will thus have to rely on the support of six independents after independent candidate, Kerryn Phelps, gained victory in a crucial by-election held on 20 October, replacing former Prime Minister Malcolm Turnbull.
The uncertain political outcome could cool investor sentiment next year, while escalating trade tensions could take a toll on growth. That said, the economy should continue to expand at a solid pace in —even if it softens somewhat as expected—thanks to robust external demand for commodities and sustained business investment.
FocusEconomics panelists expect GDP to expand 2.Australia Economic Outlook. November 13, Economic activity likely softened in the third quarter, although its pace of expansion should have been robust overall.
Retail sales expanded only modestly in the July–September period, despite lower inflationary pressures and the declining unemployment rate. The Office of Public Affairs (OPA) is the single point of contact for all inquiries about the Central Intelligence Agency (CIA).
We read every letter or e-mail we receive, and we will convey your comments to CIA officials outside OPA as appropriate. The economy of Australia is a large mixed-market economy, with a GDP of A$ trillion as of Australia is the second-wealthiest nation in terms of wealth per adult, after Switzerland.
Australia's total wealth was AUD$ trillion as of June In , Australia was the 14th-largest national economy by nominal GDP, 20th-largest by PPP-adjusted GDP, and was the 25th-largest goods.
Australia has one of the world's largest economies and an annual gross domestic product of $ trillion US (). Australia had the 12th largest GDP by nominal GDP and the 15th largest GDP per capita based on purchasing power parity (PPP). It is also the 19th largest global importer and exporter.
The economy will continue growing at a robust pace, around 3%.
Business investment will pick up, with exports boosted as new resource sector capacity comes on stream. Public infrastructure investment will also support growth.
A stronger labour market and rising household incomes will sustain private. The Australian economy has been one of the OECD’s best performing economies, though it now faces some major challenges.
Australian income per head is among the highest in the OECD area, even after taking the cost of living into account. In recent years, living standards have been boosted by.