Australia Showing Signs of Economic Rebound: 1.3 Percent GDP Growth, More Savings

Despite the positive GDP growth, Australia recorded a current account deficit of $52.4 billion in 2024, the highest since 2016.

Australian Labor Treasurer Jim Chalmers (L), Finance Minister Katy Gallagher (C), and Prime Minister Anthony Albanese speak to the media during a press conference at Parliament House in Canberra, Australia on Nov. 29, 2024. AAP Image/Lukas Coch

Australia’s economy is showing signs of a rebound, with new data from the Australian Bureau of Statistics (ABS) revealing a 0.6 percent rise in Gross Domestic Product (GDP) last quarter.

Annual GDP growth reached 1.3 percent, improving from the previous period’s 0.8 percent.