Australia’s economy grew an annualized 2.3% in this year’s first quarter, its slowest rate of expansion in nearly two years.
Australia’s Q1 gross domestic product (GDP) came in slightly below analyst expectations for 2.4% growth.
However, the economy slowed from 2.7% annualized growth in the fourth and final quarter of 2022.
The latest GDP number comes days after the Reserve Bank of Australia surprised markets and raised its trendsetting interest rate by 25 basis points to 4.1%, an 11-year high.
Like other countries, Australia is trying to lower inflation to a 2% target. The country’s inflation rate currently stands at an annualized rate of 6.8%.
