Australian Economy Grows in Q3

The gross domestic product in Australia was up a seasonally adjusted 0.5 percent in the third quarter of 2012. On a yearly basis, GDP expanded 3.1 percent.

Latest ABS figures show that GDP, in seasonally adjusted volume terms, grew 0.5% in the September quarter 2012.

Growth for the quarter was driven by a 0.5% contribution from private business investment, a 0.3% contribution from changes in inventories and a 0.2% contribution from household final consumption expenditure. These increases were partially offset by a -0.5% contribution from public investment.

The industries that drove growth in the September quarter were Mining, Manufacturing and Health. Mining contributed 0.4%, Manufacturing and Health both contributed 0.1% to the increase in GDP.

The September quarter saw the Terms of trade fall 4.0%.

Australian Economy Grows in Q3, ABS
12/5/2012 8:39:27 AM