Australian economy grows 0.6 percent

AUSTRALIA's GDP, in seasonally adjusted chain volume terms, grew 0.6 percent in the December quarter 2015, according to figures released today by the Australian Bureau of Statistics (ABS).

The growth in expenditure was driven by a rise of 0.8 percent in Household final consumption expenditure and a rise of 6.0 percent in Public gross fixed capital formation. These were partially offset by a fall in private business investment (-3.3 percent), driven by a fall in new engineering construction (-12.3 percent). 

The growth in Household final consumption was reflected in the service industries of Information, media and telecommunications (2.7 percent), and Retail trade (1.0 percent). Other industries that had significant growth were Rental, hiring and real estate (2.8 percent) and Wholesale trade (1.6 percent).

The December quarter saw the Terms of trade decrease 3.2 percent in seasonally adjusted terms.

Further details can be found in Australian National Accounts: National Income, Expenditure and Product, (cat no. 5206.0) available for download from the ABS website www.abs.gov.au.

ends