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.
On the expenditure side, the increase in the first quarter of this year (in seasonally adjusted volume terms) was driven by net exports (1.4 percentage points), final consumption expenditure (0.3 percentage points) and total private investment (0.2 percentage points). These increases were partially offset by decreases in changes in inventories (-0.6 percentage points) and public investment (-0.2 percentage points).
6/4/2014 3:31:00 AM
Australian Economy Expands 0.8% in Q4
Australian GDP grew faster than expected in seasonally adjusted volume terms in the last quarter of 2013. Expansion was mostly driven by exports and consumption while fixed investment declined.
Published on 2014-03-05
Australian Economy Expands 0.6% in Q3
In the third quarter of 2013, Australia's economic growth has fallen short of expectations, edging up by 0.6 percent in a seasonally adjusted terms.
Published on 2013-12-04
In seasonally adjusted terms, the main contributors to GDP were mining (up 8.6%), financial and insurance services (up 2.8%) and Construction (up 3.0%). Mining contributed 0.9 percentage points to the increase in GDP while Financial and insurance services and Construction each contributed 0.2 percentage points.
During the March quarter, in seasonally adjusted terms, real gross domestic income rose by 0.8%, while the volume measure of GDP increased by 1.1%, the difference reflecting a decrease of 1.2% in the terms of trade.
The terms of trade decreased 1.2% in seasonally adjusted terms in the first quarter of 2014 following an increase of 1.0% in the December quarter. From the March quarter 2013 to the March quarter 2014 the terms of trade has fallen 3.8%.
During the March quarter, seasonally adjusted real net national disposable income rose by 1.3%. Growth over the past 4 quarters was 2.2% compared with 3.5% for GDP.
In the March quarter 2014 Exports of goods and services increased 4.8% and Imports of goods and services fell 1.4%.
The household saving ratio was 9.7% in seasonally adjusted terms in the March quarter 2014. The trend estimate for the household saving ratio was also 9.7% in the March quarter 2014.
From the March quarter 2013 to March quarter 2014, mining (1.1 percentage points), financial and insurance services (0.6 percentage points) and construction (0.4 percentage points) industries were the largest contributors to total trend growth of 3.2%. Manufacturing and professional, scientific and technical services each detracted 0.2 percentage points in trend terms.
Compared with the first quarter of 2013, Australian economy grew 3.5 percent.