In the fourth quarter of 2015, final consumption expenditure grew by 0.7 percent, adding 0.5 percentage points to GDP growth. Household spending rose 0.8 percent while government expenditure increased by 0.7 percent. In contrast, gross fixed capital formation declined by 0.6 percent, substracting 0.2 percentage points to growth. Private investment fell 1.9 percent, mainly due to a decrease in new engineering construction. Meanwhile, public investment rose 6.0 percent. Exports and imports of goods and services rose 0.6 percent respectively, giving no contribution to the GDP growth from net exports. Changes in inventories unexpectedly contributed 0.2 percentage points to GDP, mainly driven by a rise in farm and retail trade industries.
By industry, positive contributions came from agriculture, forestry and fishing (+1.3 percent, driven by livestock production, recovery in cotton and a modest increase in wheat), mining (+1.1 percent, supported by oil and gas extraction, coal mining and iron ore mining); information media and telecommunications (+2.7 percent, driven by a rise in telecommunication services); rental, hiring and real estate services (+2.8 percent, driven by a rise across both subdivisions) and arts and recreation services (+2.2 percent, driven by sports and recreation activities). In contrast, manufacturing sector dropped 2.1 percent, driven by a fall in petroleum, coal and chemicals; metal products; machinery and equipment and food, beverage and tobacco. A contraction was also seen for accommodation and food services (-1.7 percent, driven by a weak quarter for accommodation services).
Through the year, the economy grew by 3.0 percent, accelerating from an upwardly revised 2.7 percent in the September quarter and beating expectations. It is the fastest expansion since the third quarter 2012. In trend terms, the largest contributors to the economy came from mining (+0.4 percentage points), financial and insurance services (+0.4 percentage points), construction (+0.3 percentage points), public administration and safety (+0.3 percentage points), and health care and social assistance (+0.3 percentage points). In contrast, the largest detractors were manufacturing (-2.8 percentage points).
Real gross domestic income increased by 0.1%, while the volume measure of GDP increased by 0.7%, the difference reflecting a decrease of 3.0% in the Terms of trade in trend terms.
Real net national disposable income decreased by 0.3 percent. Through the year the income fell 1.2 percent compared with 2.8 percent growth for GDP.