Australian economy grows below expectations in Q4

ISTANBUL

The Australian economy grew 0.5% in the last quarter of 2022, coming under expectations of many economists.

The Australian Bureau of Statistics revealed on Wednesday that the country's economy also expanded 2.7% during the last year versus 2021.

"Net trade (increased exports and fall in imports) and consumption were the primary contributors to GDP growth in the December quarter," it added.

The gross domestic product per capita in the country increased 0.8% year-on-year in 2022.