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Financial News: Australia GDP Climbs 0.6% On Quarter In Q3

Australia GDP Climbs 0.6% On Quarter In Q3

12/05/2017 - 20:48:00 (RTTNews)

(RTTNews) - Australia's gross domestic product expanded a seasonally adjusted 0.6 percent on quarter in the third quarter of 2017, the Australian Bureau of Statistics said on Wednesday.

That missed expectations for an increase of 0.7 percent following the 0.8 percent gain in the three months prior.

On a yearly basis, GDP jumped 2.8 percent - again missing forecasts for 3.0 percent but up from 1.8 percent in the previous three months.

Compensation of employees increased 1.2 percent, while positive growth was noted in 17 of 20 industries.

New engineering construction increased 6.3 percent, while household final consumption expenditure gained 0.1 percent for the quarter.

"Increased activity in both private business investment and public infrastructure underpinned broad growth across the industries," said ABS Chief Economist Bruce Hockman.

Compensation of employees increased in all states and territories, resulting in a national quarterly growth of 1.2 percent and yearly growth of 3.0 percent.

Despite higher household income, household consumption was weak at 0.1 percent, in line with the retail trade estimates. This weak household spending combined with growth in household income resulted in an increase in the household saving ratio for the first time in five quarters.

"The increase in wages was consistent with the stronger employment and hours worked data that has been reported in the labor force survey," Hockman added.

Net exports contribution to growth was flat this quarter despite higher mining production and exports of coal and iron ore. The terms of trade fell 0.4 percent on the back of lower export prices.

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