Australian GDP Grew 0.8% In Q4, And 2.8% For The Year

The Australian economy grew 0.8% in the fourth quarter, and 2.8% year-on-year.

Here’s the statement:

Latest Australian Bureau of Statistics (ABS) figures show that GDP, in seasonally adjusted volume terms, grew 0.8 per cent in the December quarter 2013.

Growth for the quarter was driven by a 0.6 per cent contribution from Net Exports and a 0.5 per cent contribution from Final consumption expenditure. These increases were partially offset by a -0.3 per cent contribution from Gross fixed capital formation.

The Mining industry contributed 0.1 percent to GDP, as did the Manufacturing, and Rental, hiring and real estate industries.

The December quarter saw the Terms of trade increase 0.6 per cent.

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