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Financial News: Australia GDP Rises 0.9% In Q2

Australia GDP Rises 0.9% In Q2

09/04/2018 - 22:15:00 (RTTNews)

(RTTNews) - Australia's gross domestic product expanded a seasonally adjusted 0.9 percent on quarter in the second quarter of 2018, the Australian Bureau of Statistics said on Wednesday.

That beat forecasts for a gain of 0.7 percent following the 1.0 percent gain in the three months prior.

On a yearly basis, GDP was up 3.4 percent - also exceeding forecasts for 2.9 percent and up from 3.1 percent in the previous three months.

Household final consumption expenditure increased 0.7 percent during the quarter, contributing 0.4 percentage points to GDP growth.

"Growth in domestic demand accounts for over half the growth in GDP, and reflected strength in household expenditure," Chief Economist for the ABS, Bruce Hockman, said.

General government final consumption expenditure increased 1.0 percent in the June quarter. Public investment remained at elevated levels reflecting continued work on infrastructure projects across the nation.

Investment in new dwellings increased 3.6 percent for the quarter. with strength observed in Victoria and South Australia. This strength was reflected in the Construction industry, which grew 1.9 percent for the quarter.

Compensation of employees increased by 0.7 percent, while net exports contributed 0.1 percentage points to GDP growth.

The terms of trade fell 1.3 percent on quarter but advanced 2.0 percent on year.

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