MISS: THE AUSTRALIAN ECONOMY GREW 0.6% IN Q3

ASXGetty /Matt King

Australia’s economy grew by 0.6 per cent in the third quarter, slightly below market expectations.

Earlier this week the figure was tipped to come in at between 0.7% and 0.8%.

The September quarter saw the Terms of trade decrease 3.3 per cent, according to The ABS.

Here’s the ABS’s release:

Latest Australian Bureau of Statistics (ABS) figures show that GDP, in seasonally adjusted volume terms, grew 0.6 per cent in the September quarter 2013.

Growth for the quarter was driven by a 0.7 per cent contribution from Net Exports and a 0.4 per cent contribution from Final consumption expenditure. These increases were partially offset by a -0.5 per cent contribution from Changes in inventories.

The Mining industry drove the growth in the September quarter contributing 0.3 per cent to GDP. The Construction, Transport, postal and warehousing, Financial and insurance services, Public administration and safety and Health care and social assistance industries each contributed 0.1 per cent to the increase in GDP.

The September quarter saw the Terms of trade decrease -3.3 per cent.

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.