2 Dec 2015
Australia’s GDP expands 0.9% in Q3, beats estimates
FXStreet (Mumbai) - The latest figures from the Australian Bureau of Statistics (ABS) showed that Australia’s GDP expanded 0.9% in the September quarter, against 0.5% growth seen previously. Markets had predicted the economy to grow 0.8% in Q3. While on annual basis, the economy grew 2.5% versus 2.4% increase expected.
As noted by ABS, “The largest contribution to economic growth this quarter was Exports of goods and services, up 4.6%. This was concentrated in mining commodities, which is reflected by strong growth in Mining activity, bouncing back after a decline in the June quarter. Gross fixed capital formation was the major reason for the weakness in the domestic economy.”
As noted by ABS, “The largest contribution to economic growth this quarter was Exports of goods and services, up 4.6%. This was concentrated in mining commodities, which is reflected by strong growth in Mining activity, bouncing back after a decline in the June quarter. Gross fixed capital formation was the major reason for the weakness in the domestic economy.”