5206.0 - Australian National Accounts: National Income, Expenditure and Product, Mar 2012 Quality Declaration 
Previous ISSUE Released at 11:30 AM (CANBERRA TIME) 06/06/2012   
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6 June 2012
Embargo: 11.30 am (Canberra time)
Australian economy grows 1.3%

Latest ABS figures show that GDP, in seasonally adjusted volume terms, grew 1.3% in the March quarter 2012, after a revised increase of 0.6% in the December quarter.

The growth for the quarter was driven by a 1.0% contribution from final consumption expenditure and a 0.9% contribution from business investment. The increases were partially offset by a -0.5% contribution from net exports and -0.1% contribution from dwelling investment.

The industries that drove growth in the March quarter were Mining, Professional, scientific and technical services and Financial and insurance services, each contributing 0.2% to growth in GDP.

The March quarter saw the Terms of trade fall 4.3%. This was reflected in Real gross domestic income, which grew by 0.2% in seasonally adjusted terms for the quarter.

Further details can be found in Australian National Accounts: National Income, expenditure and Product (cat. no. 5206.0).

Media Note:
When reporting ABS data, the Australian Bureau of Statistics (or ABS) must be attributed as the source.