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Financial News: Australia Q2 GDP Climbs 0.5% On Quarter

Australia Q2 GDP Climbs 0.5% On Quarter

09/03/2019 - 22:15:00 (RTTNews)

(RTTNews) - Australia's gross domestic product expanded a seasonally adjusted 0.5 percent on quarter in the second quarter of 2019, the Australian Bureau of Statistics said on Wednesday.

That was in line with expectations and unchanged from the previous three months following an upward revision from +0.4 percent.

On a yearly basis, GDP expanded 1.4 percent - again matching forecasts and down from the downwardly revised 1.7 percent increase in the three months prior (originally +1.8 percent).

"The external sector drove GDP growth this quarter, while growth in the domestic economy remains steady," ABS Chief Economist Bruce Hockman said.

The terms of trade climbed 1.4 percent on quarter.

Net exports contributed 0.6 percentage points to GDP growth, with exports and imports both contributing 0.3 percentage points.

Domestic final demand contributed 0.3 percentage points to GDP growth. Household saving ratio was lower at 2.3.

"Strength in mining related activity was seen across a number of measures in the economy," Hockman added.

Mining gross value added increased 3.4 percent with strong production of coal and liquefied natural gas. Mining profits rose by 10.6 percent driven by strong export growth and a continued rise in the terms of trade.

Mining investment rose 2.4 percent, with increases in investment in machinery and equipment.

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