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Australian GDP grew by 0.6% in Q4

Wednesday, Mar 02 2016
Australia's economic growth was a higher-than-expected 0.6 per cent for the December quarter and 3 per cent for the year, according to the Bureau of Statistics. Economy grows 0.6 per cent in December quarter, 3 per cent over 2015. Consumer spending is the biggest contributor to economic growth. A broader ABS measure of economic wellbeing fell 1.2 per cent last year.
Economists surveyed by Bloomberg had typically expected economic growth to be 0.4 per cent for the December quarter and 2.5 per cent for year. The biggest drag on the economy came from a continued decline in business investment as the mining construction boom winds down, with capital spending taking 0.2 percentage points off GDP. While the mining investment boom is winding down, the production boom is well underway.
 
With 'real' GDP measuring output, not the prices received for that output, mining was actually the main sector contributing to annual economic growth, along with financial and insurance services (both added 0.4 percentage points in trend terms). Construction, public administration and safety and health care and social assistance were the other big growth sectors, with a residential building boom and the aging population stoking demand.
 
Aussie is currently being traded around 0.7240 area. Pair is likely to find support around 0.7180 handle and resistance above 0.7280 level. Later today, in the US session, ADP job figures are scheduled for a release.
Last modified on Wednesday, 02 March 2016
More in this category: « Eurozone Unemployment Rate at the lowest level since August 2011 Number of unemployed in Spain rose by 2,231 people »

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