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Financial News: Australia GDP Gains 0.8% On Quarter In Q2

Australia GDP Gains 0.8% On Quarter In Q2

09/05/2017 - 22:16:00 (RTTNews)

(RTTNews) - Australia's gross domestic product expanded a seasonally adjusted 0.8 percent on quarter in the second quarter of 2017, the Australian Bureau of Statistics said on Wednesday.

That was shy of expectations for 0.9 percent but up from 0.3 percent in the first quarter.

On a yearly basis, GDP climbed 1.8 percent - in line with expectations and up from 1.7 percent in the three months prior.

The terms of trade fell 6.0 percent in the quarter but surged 14.9 percent on year.

This has impacted GDP in current prices, which fell 0.1 percent as lower coal and iron ore prices contributed to more subdued company profits. Gross operating surplus from businesses declined 2.6 percent for the quarter.

Final consumption expenditure added 0.8 percent on quarter and 2.6 percent on year, while gross fixed capital formation jumped 1.5 percent on quarter and 1.8 percent on year.

Real net national disposable income fell 1.0 percent on quarter but gained 4.0 percent on year.

Domestic spending increased 1.0 percent for the quarter, driven by a 0.7 percent growth in household consumption, with expenditure on food, clothing and household furnishings increasing.

Dwelling construction grew a moderate 0.2 percent with growth observed in New South Wales and Queensland.

GDP growth for the 2016 -17 financial year was 1.9 percent.

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