Australian GDP grew 0.3 percent in the third quarter of 2014, down from 0.5 percent expansion reported in the previous three month period and below markets expectations. Net exports and consumption contributed the most to the growth while investment dragged the expansion down.
On the expenditure side, net exports contributed 0.8 percentage points to GDP growth, household final consumption expenditure 0.3 percentage points and Government final consumption expenditure 0.1 percentage points. This was offset by a -0.7 percentage point contribution from total Gross fixed capital formation and a -0.1 percentage point contribution from Changes in inventories. In the September quarter, Exports of goods and services rose 2.8% and Imports of goods and services fell 0.9%.
12/3/2014 12:59:31 AM
Australian Economy Grows 0.5% in Q2
In the second quarter of 2014, Australia's GDP grew 0.5 percent in seasonally adjusted terms, beating market expectations and driven by consumption and private investment amid weakening exports.
Published on 2014-09-03
Australian Economy Expands 1.1% in Q1
In the first quarter of 2014, Australia GDP expanded on a seasonally adjusted 1.1 percent over the previous three months, the highest growth in the last seven quarters. Growth was driven by net export, consumption expenditure and private investment while changes in inventories and public investment declined. Mining industry and financial services also become the main drivers for the economy during March quarter.
Published on 2014-06-04
On the industry side, the main contributor to GDP growth was Financial and insurance services (0.2 percentage points), with Mining and Information media and telecommunications each contributing 0.1 percentage points. The main detractors to growth in GDP were Construction (-0.2 percentage points) and Professional, scientific and technical services (-0.2 percentage points).
Year-on-year, Mining (0.9 percentage points), Financial and insurance services (0.5 percentage points) and Construction (0.3 percentage points) industries were the largest contributors to total trend growth of 2.7%. Professional, scientific and technical services (-0.4 percentage points), Agriculture, forestry and fishing (-0.2 percentage points) and Transport, postal and warehousing (-0.2 percentage points) were the largest detractors in trend terms.