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Financial News: Australia GDP Expands 0.4% On Quarter In Q1

Australia GDP Expands 0.4% On Quarter In Q1

06/04/2019 - 22:15:00 (RTTNews)

(RTTNews) - Australia's gross domestic product gained a seasonally adjusted 0.4 percent on quarter in the first three months of 2019, the Australian Bureau of Statistics said on Wednesday.

That was in line with expectations and up from the 0.2 percent increase in the three months prior.

On an annualized yearly basis, GDP gained 1.8 percent - again matching forecasts and slowing from 2.3 percent in the previous three months.

"The economy continues to grow as we head towards twenty eight years of sustained growth," said ABS Chief Economist Bruce Hockman.

Government final consumption expenditure contributed 0.2 percentage points to GDP growth, while net exports contributed 0.2 percentage points to GDP growth driven by an increase in exports.

Compensation of employees increased by 1.2 percent.

Household spending slowed and contributed a modest 0.1 percent to growth reflecting reduced spending on discretionary goods such as furnishing and household equipment, recreation and culture and hotels, cafes and restaurants.

Terms of trade rose 3.1 percent on quarter and jumped 6.0 percent on year.

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