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Financial News: Australia Q23 GDP Jumps 9.6% On Year

Australia Q23 GDP Jumps 9.6% On Year

08/31/2021 - 22:15:00 (RTTNews)

(RTTNews) - Australia's gross domestic product climbed 9.6 percent on year in the second quarter of 2021, the Australian Bureau of Statistics said on Wednesday.

That beat forecasts for a gain of 9.2 percent following the 1.1 percent increase in the previous three months.

On a seasonally adjusted quarterly basis, gross domestic product was up 0.7 percent - again exceeding expectations for an increase of 0.5 percent after rising 1.8 percent in the three months prior.

Capital Expenditure was up 3.2 percent on quarter, slowing from 4.7 percent in the first quarter.

Lockdowns had minimal impact on activity overall, with fewer lockdown days and the more prolonged stay-at-home orders in NSW only commencing in the last week of June.

The terms of trade rose 7.0 percent this quarter and is now at its highest level in history. Strong export prices for mining commodities drove the quarterly rise. The strength in the terms of trade contributed to a 3.2 percent increase in nominal GDP.

The domestic economy drove growth, contributing 1.6 percentage points to the rise in GDP. Both private and public demand increased, led by household spending (+1.1 percent) and public investment (+7.4 percent).

Household expenditure rose 1.1 percent this quarter but remained 0.3 percent below December quarter 2019 pre-pandemic levels.

Spending on services (+1.3 percent) drove the quarterly rise. Transport services (+25.4 percent) and hotels, cafes and restaurants (+2.2 percent) continued to rebound reflecting increased tourism activity. Spending on services remains below pre-pandemic levels, particularly those impacted by the ongoing closure of international borders.

Spending on goods rose 0.9 percent and is at elevated levels. Purchase of vehicles rose 7.5 percent, reflecting continued strong demand and increased supply of vehicles for purchase this quarter.

Household spending rose across all states this quarter. Victoria (+0.1 percent) recorded the weakest rise with spending impacted by a two-week lockdown starting at the end of May.

New South Wales recorded the strongest growth amongst the states of 2.1 percent. Stay-at-home orders in NSW commenced in late June and did not have a significant impact on spending this quarter.

Public investment rose 7.4 percent, driven by state and local government infrastructure projects.

Private investment rose 2.0 percent. Both housing and business investment increased, supported by government initiatives and increased confidence. Ownership transfer costs increased 10.0 percent, the fourth consecutive rise, reflecting low interest rates and confidence in the housing market.

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