There is no good news coming to Australia on the inflation front. The figure, as measured by the Producer Price Index, posted a 4.3% increase in the first quarter year over year, accelerating from the fourth quarter’s 4.1% gain. This is also the fastest increase since the first quarter of 2023. On a quarterly basis, Australia’s PPI increased by 0.9%.
The country’s statistics office highlighted that the main contributors to the increase include real estate developers, tertiary education and construction, with tertiary education seeing the largest increase in prices.
A country rich in natural resources and characterized by a high economic dynamism, from 1992 and until the outbreak of the COVID-19 pandemic, Australia recorded positive economic growth rates and above the average of the OECD economies, with increases of 2 -3% per year.
As predicted by the International Monetary Fund, the Australian economy became, and still is, the 12th largest economy in the world in 2021, having increased by two places compared to 2019. Despite being home to only 0.3% of the world’s population , Australia represents 1.7% of the global economy. In 2024, GDP will be around 1,619 billion euros, slightly down compared to 1,625 billion euros in 2023.
PHOTO: SHUTTERSTOCK
