5206.0 - Australian National Accounts: National Income, Expenditure and Product, Dec 2010 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 02/03/2011   
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2 March 2011
Embargo: 11.30 am (Canberra Time)

Australian economy grows 0.7%

Latest ABS figures show that GDP, in seasonally adjusted volume terms, grew 0.7% in the December quarter 2010, after growing 0.1% in the September quarter.

The growth was driven by a 0.8% contribution to growth from changes in inventories, a 0.4% contribution from final consumption expenditure, and a 0.3% contribution from gross fixed capital expenditure on machinery and equipment.

The industry that drove growth in the December quarter was professional, scientific and technical services with a 0.3% contribution to growth, and finance and insurance services with 0.2% contribution to growth.

Flooding in Queensland began in late December 2010. While the floods have had some effect on the December quarter estimates, it is expected that the more significant economic impact of this and floods in other states will be reflected in the estimates for the March quarter 2011 release of this publication. A description of where the floods and the associated recovery efforts will affect the national accounts is included in the analysis and comments section of this release.

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.