Australian economy grows by 0.6 pc


The Australian economy grew by 0.6 percent in seasonally adjusted terms over the June quarter

September 2, 2009

The Australian economy grew by 0.6 percent in seasonally adjusted terms over the June quarter, according to the Australian Bureau of Statistics (ABS).

ABS data released today shows non-farm GDP grew 1.1 percent while the terms of trade fell 7.4 percent, and real gross domestic income fell 1.1 percent.

Queensland was one of the worst-performing states, with state domestic product falling 0.1 percent in seasonally adjusted terms within final demand chain volume figures.

The main positive contributors to expenditure on national GDP were new machinery and equipment (0.5 percentage points) and household final consumption expenditure (0.5 percentage points).

Offsetting these were new building construction (-0.3 percentage points) and imports (-0.5 percentage points).

In seasonally adjusted terms, property and business services contributed 0.4 percentage points to GDP growth, while agriculture, forestry and fishing detracted 0.4 percentage points.

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