FOREX TradingCharts.com

Financial News: Australia GDP Expands 3.1% On Quarter In Q4

Australia GDP Expands 3.1% On Quarter In Q4

03/02/2021 - 20:30:00 (RTTNews)

(RTTNews) - Australia's gross domestic product gained a seasonally adjusted 3.1 percent on quarter in the fourth quarter of 2020, the Australian Bureau of Statistics said on Wednesday.

That beat forecasts for an increase of 2.5 percent following the upwardly revised 3.4 percent gain in the previous three months (originally 3.3 percent).

On a yearly basis, GDP was down 1.1 percent - again exceeding expectations for a decline of 1.8 percent after sinking 3.8 percent in the three months prior.

Capital expenditure was up 3.6 percent on quarter after slipping 0.1 percent in Q3. The GDP deflator gained 1.1 percent on quarter, accelerating from 0.6 percent in the previous quarter.

The terms of trade rose 4.7 percent this quarter off the back of higher export prices, particularly for iron ore. The strength in the terms of trade contributed to a 4.2 percent increase in nominal GDP, the strongest rise since September quarter 1983.

Domestic final demand contributed 3.2 percentage points to GDP growth. Household final consumption expenditure contributed 2.3 percentage points as constraints on households and businesses continued to lift. Private investment contributed a further 0.7 percentage points to growth.

Spending by households rose 4.3 percent this quarter but remained 2.7 percent down through the year.

Spending on goods rose 2.8 percent for the quarter and is up 6.2 percent through the year. Purchase of vehicles rose a record 31.8 percent, reflecting elevated household disposable income and shifting spending patterns with continued limitations on some expenditure items such as international travel.

Spending on services rose 5.2 percent. This reflects a partial recovery with spending down 7.8 percent through the year. Recreation and culture, hotels, cafes and restaurants and health all continued to rebound as movement and trading restrictions eased.

Household spending by Victorians increased 10.4 percent as strict lockdown restrictions were lifted. The level of spending remains weak at 7.2 percent below its pre-COVID level.

Household spending for the rest of Australia, excluding Victoria, rose 2.3 percent in the quarter.

The household saving to income ratio declined to 12.0 percent from 18.7 percent last quarter, remaining at elevated levels. Falls in gross disposable income and increases in household consumption both contributed to the decline in saving.

Gross disposable income fell 3.1 percent in the quarter but remained strong through the year (up 4.8 percent). The quarterly fall reflected a decline in government support payments.

Private investment rose 3.9 percent for the quarter. Both housing and business investment increased, supported by government initiatives and improvements in conditions.

Ownership transfer costs (15.2 percent) and dwelling investment (4.1 percent) both contributed to the increase in housing activity. The rise in business investment was driven by a 8.9 percent increase in machinery and equipment.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2021 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


Germany's Private Sector Growth Moderates In April (16 min(s), 52 sec(s) ago)
(RTTNews) - Germany's private sector growth moderated in April with services activity stalling ...Full Story»

France Private Sector Expands For First Time Since August (36 min(s), 52 sec(s) ago)
(RTTNews) - France's private sector returned to growth for the first time since August 2020, d ...Full Story»

Austria Production Index Grows In February (59 min(s), 52 sec(s) ago)
(RTTNews) - Austria's production index grew in February, as industrial production and construc ...Full Story»

Lithuania Industrial Production Rises In March (01 hr(s), 14 min(s), 52 sec(s) ago)
(RTTNews) - Lithuania's industrial production increased in March, figures from Statistics Lith ...Full Story»

UK Budget Logs Biggest March Deficit On Record (01 hr(s), 48 min(s), 52 sec(s) ago)
(RTTNews) - The UK budget posted its biggest deficit on record for the month of March, figures fro ...Full Story»

UK Retail Sales Growth Tops Expectations (02 hr(s), 06 min(s), 52 sec(s) ago)
(RTTNews) - UK retail sales grew more than expected in March as the easing of the restrictions rel ...Full Story»

Singapore Inflation Increases In March (02 hr(s), 35 min(s), 52 sec(s) ago)
(RTTNews) - Singapore's consumer prices rose in March, data from the Monetary Authority of Sin ...Full Story»

Malaysia Inflation Rises In March (03 hr(s), 12 min(s), 52 sec(s) ago)
(RTTNews) - Malaysia's consumer prices increased in March, data from the Department of Statist ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

Germany's Private Sector Growth Moderates In April

04/23/2021 - 04:14 AM (RTTNews)
(RTTNews) - Germany's private sector growth moderated in April with services activity stalling ...Full Story>>

France Private Sector Expands For First Time Since August

04/23/2021 - 03:54 AM (RTTNews)
(RTTNews) - France's private sector returned to growth for the first time since August 2020, d ...Full Story>>

Austria Production Index Grows In February

04/23/2021 - 03:31 AM (RTTNews)
(RTTNews) - Austria's production index grew in February, as industrial production and construc ...Full Story>>

Lithuania Industrial Production Rises In March

04/23/2021 - 03:16 AM (RTTNews)
(RTTNews) - Lithuania's industrial production increased in March, figures from Statistics Lith ...Full Story>>

UK Budget Logs Biggest March Deficit On Record

04/23/2021 - 02:42 AM (RTTNews)
(RTTNews) - The UK budget posted its biggest deficit on record for the month of March, figures fro ...Full Story>>

Do not sell my personal information

Copyright © 2021. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.