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Australian Gross Domestic Product is foreseen to be up by 1.1% in Q3 compared with the same quarter a year earlier. The Reserve Bank of Australia will likely maintain the OCR on hold until later in 2025.  The Australian Dollar advances against its United States rival, sellers waiting for better levels. Australia will release Gross Domestic Product (GDP) figures for the third quarter (Q3) on Wednesday. The Australian Bureau of Statistics (ABS) is expected to report that the economy grew 0.4% compared with the previous quarter and 1.1% when compared with Q3 2023r. Annual growth in the second quarter printed at 1%, the slowest pace of growth since the coronavirus-led recession in 2020. The anticipated 1.1% barely surpasses such a mark, and will continue to indicate that the Australian economy has not yet turned the corner.  What to expect from the Q3 GDP report The Australian economy is expected to have grown by 1.1% annually.  GDP figures are among those that have a large impact on the local currency, in this case, the Australian Dollar (AUD). Meanwhile, the Reserve Bank of Australia (RBA) keeps interest rates unchanged. The Official Cash Rate (OCR) was lifted for the last time in November 2023 and currently stands at 4.35%, and the RBA Board has maintained it there for over a year now amid stubbornly high inflation.  Higher interest rates have finally done the job. According to the latest data from the Australian Bureau of Statistics (ABS), the October monthly Consumer Price Index calculated year-over-year (YoY) printed at 2.1% for a second consecutive month. It is worth remembering that the RBA’s goal is to keep inflation between 2% and 3% YoY. Even further, the quarterly CPI rose 0.2% in the three months to September and by 2.8% compared to the same quarter of 2023,…

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Filed under: News - @ December 3, 2024 10:23 pm