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Financial News: Australia Q1 GDP Rises 0.3% On Quarter

Australia Q1 GDP Rises 0.3% On Quarter

06/06/2017 - 22:17:00 (RTTNews)

(RTTNews) - Australia's gross domestic product expanded a seasonally adjusted 0.3 percent on quarter in the first three months of 207, the Australian Bureau of Statistics said on Wednesday.

That was in line with expectations following the 1.1 percent expansion in the previous three months.

On a yearly basis, GDP gained 1.7 percent - beating forecasts for 1.6 percent after climbing 2.4 percent in the three months prior.

"This broad-based growth was tempered by falls in exports and dwelling investment. Dwelling investment declined in all states, except Victoria, and overall is the largest decline for Australia since June 2009m": ABS Chief Economist Bruce Hockman said.

Net exports detracted 0.7 percentage points from growth, the bureau said.

Final consumption expenditure added 0.6 percent on quarter and 2.5 percent on year, while gross fixed capital formation fell 0.6 percent on quarter and 0.4 percent on year.

Terms of trade climbed 6.6 percent on quarter and 24.8 percent on year, while disposable income advanced 1.2 percent on quarter and 5.6 percent on year.

Compensation of employees increased 1.0 percent and total corporations gross operating surplus jumped 6.2 percent, while 17 of 20 industries saw growth in Q1.

Investment in total dwellings fell 4.4 percent in the quarter.

Agriculture, Forestry and Fishing fell after strong growth in the previous two quarters, while Manufacturing decreased for the tenth time in eleven quarters.

Also on Wednesday, the latest survey from the Australian Industry Group showed that the construction sector in Australia continued to expand in May, and at a faster rate, with a Performance of Construction Index score of 56.7.

That's up sharply from 51.9 in April, and it moves farther above the boom-or-bust line of 50 that separates expansion from contraction. It also marks the fastest rate of expansion in more than two and a half years.

Individually, apartment building saw the biggest jump, although house building fell back into contraction. Engineering construction and commercial construction were firmly in expansion territory.

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