5206.0 - Australian National Accounts: National Income, Expenditure and Product, Jun 2016 Quality Declaration
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 07/09/2016
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Economy grows 0.5 per cent in June Quarter
Australia’s economic growth slowed in the June quarter. Data released by the Australian Bureau of Statistics (ABS) today show that Gross Domestic Product (GDP) grew 0.5 per cent in seasonally adjusted terms in the June quarter 2016, down on the growth of 1.0 per cent the economy experienced in the March quarter. GDP grew 3.3 per cent through the year bringing the annual growth for the 2015-16 financial year to 2.9 per cent.
GDP growth in the June quarter was driven by domestic final demand, which rose 0.6 per cent this quarter, supported by ongoing growth in household and public consumption. Total investment was flat in the quarter, with the continued reduction in engineering construction associated with the mining sector offset by growth in public investment.
International trade detracted from growth in the quarter due to strong growth in imports and a slowing in the rate of growth in exports. After strong growth in the March quarter, production in the mining industry was lower in seasonally adjusted terms in the June quarter.
Income growth was supported by an increase in profits of non-financial corporations associated with an improvement in Australia’s terms of trade. The terms of trade growth of 2.3 per cent in seasonally adjusted terms was the first increase since December 2013. Compensation of employees rose by a modest 0.5 per cent in the June quarter to be 3.1 per cent higher through the year. This is in line with the modest through the year growth observed in hours worked (0.7 per cent) and the Wage Price Index (2.1 per cent) previously published by the ABS.
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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