In the third quarter, final consumption expenditure grew 0.7 percent, adding 0.5 percentage points to GDP growth. Net exports contributed 1.5 percentage points to GDP growth. Exports of goods and services rose 4.6 percent, the largest increase since the third quarter of 2000. Meanwhile, imports of goods and services fell 2.4 percent. In contrast, gross fixed capital formation declined 4.0 percent, substracting 1.0 percentage points to growth. The contraction was mainly driven by private investment (-2.9 percent) and public investment (-9.2 percent).
By industry, the main factors to the expansion in GDP growth were mining (+5.2 percent, driven by oil and gas extraction, iron ore mining and coal mining); rental, hiring and real estate services (+2.8 percent, supported by property operators and real estate services); financial and insurance services (+1.3 percent, driven by increases across all subsectors); construction (+1.2 percent, led by increases in construction services and residential building); public administration and safety (+1.0 percent) and health care and social assistance (+0.9 percent). In contrast, negative contributions came from agriculture, forestry and fishing (-2.3 percent) and professional, scientific and technical services (-1.2 percent).
Through the year, the economy grew 2.5 percent, accelerating from a downwardly revised 1.9 percent expansion in the June quarter of 2015. An expansion was seen in final consumption expenditure (+2.9 percent) while investment declined by 4.9 percent. In trend terms, the largest contributors came from financial and insurance services (+0.5 percentage points), health (+0.3 percentage points) and mining (+0.3 percentage points). In contrast, the largest detractors were manufacturing (-0.1 percentage points).
Real gross domestic income was flat, while the volume measure of GDP increased by 0.6 percent, the difference reflecting a decrease of 2.9 in the terms of trade. Real net national disposable income decreased by 0.5 percent. Through the year the income fell 1.2 percent compared with 2.3 percent growth for GDP.