Australian growth slows as mining drifts

The Australian Bureau of Statistics (ABS) figure was less than half the upwardly revised 1.4 percent in the first quarter of 2012 and below analyst predictions of 0.8 percent.

Year-on-year growth slowed from 4.3 percent in the March quarter to 3.7 percent for the 12 months to June 30, the ABS said, in line with market forecasts.

Treasurer Wayne Swan talked up the “robust” figures as proof of Australia's relative strength among developed nations “in the face of significant international headwinds.”

“While global economic conditions are likely to remain difficult for some time to come, today's national accounts demonstrate again our economic resilience,” Swan said.

“The Australian economy grew faster than every single major advanced economy both in the June quarter and over the year to June, and has successfully completed a stunning 21 consecutive years of economic growth — a feat not matched by any other advanced economy over this period.”

Consumer spending was the main driver of quarterly growth, contributing 0.6 percentage points to gross domestic product, with net exports — the value of shipments minus imports — adding 0.3 percentage points.

The Australian dollar was little moved by the data, falling to US$1.0207 from US$1.0210 prior to its release.

Though exports were robust the ABS said the terms of trade — the value of the country's exports relative to its imports — fell 0.6 percent, reflecting a fall in the bullish Australian dollar and slump in commodity prices as Chinese growth slowed and Europe grappled with sovereign debt issues.

1|2|Next Page>>

SHARE CLOSE
Blogger		Google+
Live Journal		Plurk
Stumble Upon

Tweet

	PREVIOUS ARTICLE
	Philippine inflation surges after deadly floods

NEXT ARTICLE
Samsung to re-evaluate labor practices in China factories

Write a Comment

Terms

Enter your comments - 3000 characters max

Type in image code

 Receive China Post promos
 Respond to this email

Submit