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- The Australian economy recorded broad-based growth of 1.1% in Q4 2016
The Australian economy recorded broad-based growth of 1.1% in Q4 2016
The Australian economy recorded broad-based growth of 1.1 per cent in seasonally adjusted chain volume terms in the December quarter 2016, a rebound from the previous quarter's decline of 0.5 per cent, data from the Australian Bureau of Statistics (ABS) shows. Australia's Gross Domestic Product (GDP) has now grown 2.4 per cent through the year.
Growth was recorded in 15 out of 20 industries. Strongest growth was observed in Mining, Agriculture, forestry and fishing, and Professional scientific and technical services, each industry contributed 0.2 percentage points to GDP growth.
Household final consumption expenditure contributed 0.5 percentage points to GDP growth. Net exports contributed 0.2 percentage points. Public and private capital formation both contributed 0.3 percentage points this quarter after both detracted from GDP growth last quarter.
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