Australian Economy Grows 0.7% in Q4

In Australia, in seasonally adjusted terms, GDP increased 0.7% in the December quarter, while non-farm GDP rose 0.8%. Through the year GDP growth was 2.7%.

The growth was driven by a 0.8% contribution to growth from changes in inventories, a 0.4% contribution from final consumption expenditure, and a 0.3% contribution from gross fixed capital expenditure on machinery and equipment.

The industry that drove growth in the December quarter was professional, scientific and technical services with a 0.3% contribution to growth, and finance and insurance services with 0.2% contribution to growth.

Flooding in Queensland began in late December 2010. While the floods have had some effect on the December quarter estimates, it is expected that the more significant economic impact of this and floods in other states will be reflected in the estimates for the March quarter 2011 release of this publication.

Australian Economy Grows 0.7% in Q4, ABS
3/2/2011 9:52:09 AM