March quarter GDP grows 0.5%
The Australian Bureau of Statistics said its latest figures revealed GDP grew 0.5% in seasonally adjusted volume terms during the March quarter. The increase followed revised growth of 1.1% the previous quarter.
The ABS said GDP growth for the year until the end of the March quarter was 2.7%.
“Growth in the expenditure measure of GDP was driven by an 11.6% increase in public investment and a 0.6% increase in household expenditure,” the ABS said in today’s statement.
“Offsetting these increases was a fall in private investment (down 0.6%) and in net exports.”
The decline in net exports was attributed to a 1.8% increase in imports, which compared to a 0.5% drop in exports.
Finance and insurance services as well as Transport, postal and warehousing were the two industries that provided the main contribution to growth in the production measure with 2.4% and 3.5% increases respectively in seasonally adjusted volume terms.
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