Weekly economic update

Fortnightly Economic Update - 4 February 2022

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  • Strength in the labour market continued into the December quarter as inflation reached a 30-year high.
  • The trade deficit widened further as imports continued to climb.
  • Global growth is slowing as Omicron disrupts activity, but the economic effects are expected to be short-lived.
  • Our Special Topic draws on international experience to evaluate the potential economic impacts of an Omicron outbreak here. The Treasury’s initial assessment is a transitory hit of between 1.5%-2% of GDP across the first quarter.