Australian GDP growth at four-year high

Tim Stewart, InvestorDaily

The Australian economy remains surprisingly resilient, growing at 3.3 per cent over the year to 30 June, according to yesterday’s National Accounts. The National Accounts data, released by the Australian Bureau of Statistics (ABS), showed that gross domestic product (GDP) grew 3.3 per cent throughout the year to 30 June. Throughout the June quarter GDP grew 0.5 per cent, a slowdown compared with the March quarter figure of 1 per cent but above market expectations.

“GDP growth in the June quarter was driven by domestic final demand, which rose 0.6 per cent this quarter, supported by ongoing growth in household and public consumption,” said the ABS. “Total investment was flat in the quarter, with the continued reduction in engineering construction associated with the mining sector offset by growth in public investment,” it said. Treasurer Scott Morrison noted that the National Accounts data confirmed 2015-16 was Australia’s 25th consecutive year of economic growth, and the fastest rate of growth for four years.

The rest of this article can be found at investordaily.com.au.