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Exports drive economic growth
The latest Australian Bureau of Statistics (ABS) figures show exports leading economic growth with Gross Domestic Product (GDP) seasonally adjusted increasing 1.1 per cent in the March quarter 2016. GDP rose 3.1 per cent through the year.
The economy is showing a transition from mining based investment to production with new engineering construction falling for the tenth consecutive quarter (– 6.4 per cent) and Mining production growing (6.2 per cent). Mining related products significantly contributed to the 4.4 per cent growth in exports.
Service based industries were the other contributor to growth with Finance, Retail trade, Accommodation and food services, and Arts and recreation all increasing. This is consistent with the steady growth in service to households.
Broad based price falls were evident across the economy this quarter, as shown in the Consumer Price Index (CPI) which fell 0.2 per cent. The GDP price deflator, which shows the overall price movement in the Australian economy, fell 0.6 per cent in the March quarter. The terms of trade fell 1.9 per cent in the March quarter and fell 11.5 per cent through the year.
Further details can be found in Australian National Accounts: National Income, Expenditure and Product, (cat no. 5206.0) available for download from the ABS website www.abs.gov.au.
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