Australia’s gross domestic product advanced a seasonally adjusted 0.4 percent on quarter in the fourth quarter of 2017, the Australian Bureau of Statistics said on Wednesday.
That was shy of expectations for 0.5 percent and down from 0.6 percent in the three months prior.
On a yearly basis, GDP gained 2.4 percent – again missing forecasts for 2.5 percent and down from 2.8 percent in Q3.
“Growth this quarter was driven by the household sector, with continued strength in household income matched by growth in household consumption,” ABS Chief Economist Bruce Hockman said.
Household final consumption expenditure increased 1.0 percent for the quarter.
Exports of goods and services detracted 0.4 percentage points from GDP growth.
Final consumption expenditure picked up 1.1 percent on quarter and 3.3 percent on year, while gross fixed capital formation shed 1.2 percent on quarter and climbed 2.5 percent on year.
The terms of trade added 0.1 percent on quarter and fell 1.0 percent on year, while real disposable income was flat on quarter and gained 1.5 percent on year.