Australia’s Q1 2026 GDP grows 0.3% q/q and 2.5% y/y
Australia’s economic growth slowed in the first quarter of 2026, with GDP increasing 0.3% from the previous quarter and 2.5% from the same period last year.
The country’s services PMI fell to 48.7 in May, down from 50.7, with new orders contracting at the fastest pace in two and a half years.
This slowdown comes as other countries are also experiencing economic challenges, with Japan’s services PMI flatlining at 50.0 in May due to rising business costs.
The global economic landscape is also being impacted by geopolitical tensions, including chaos in the Middle East, which is causing a risk premium spike in both Brent and WTI.