has crawled out of a per-capita recession after the strongest quarter of economic growth in two years.Fresh national accounts data released by the Australian Bureau of Statistics (ABS) today showed GDP grew by 0.6 per cent in the December quarter – the highest figure since December 2022.Over the past year, the economy grew by 1.3 per cent.LIVE UPDATES: Cyclone Alfred 'three natural disasters in one'
Australia has crawled out of a per-capita recession after the strongest quarter of economic growth in two years. (Dion Georgopoulos/SMH)"Modest growth was seen broadly across the economy this quarter," ABS head of national accounts Katherine Keenan said."Both public and private spending contributed to the growth, supported by a rise in exports of goods and services."After seven successive quarters of the economy going backwards on a per-person basis, per-capita GDP finally recorded a rise in December, albeit a marginal one of just 0.1 per cent.Treasurer Jim Chalmers said the accounts data showed momentum in the economy is building.EXPLAINED: Where and when Cyclone Alfred will make landfall"These numbers for the December quarter 2024 reflect the substantial and very encouraging progress Australians are making together in our economy," he said."Inflation is down, incomes are strengthening, unemployment is very low, interest rates are coming down and now growth is picking up as well."The boost came on the back of increased household spending (up 0.4 per cent after being stagnant in September) for a period that covered Black Friday sales and Christmas shopping.Both private and public investment were up for the quarter, and the household savings ratio also rose, up to 3.8 per cent.