Tuesday, June 18, 2024

Australian economy grew in March quarter

Seasonally adjusted gross domestic product (GDP) increased in the March quarter, and has grown 3.1 per cent over the past year, according to the latest research from the Australian Bureau of Statistics (ABS).

The figures show that exports (one per cent for the quarter) and household expenditure (0.4 per cent) were significant contributors. The ABS said that the service industries also performed strongly.

The economy continues to move away from mining investment (-6.4 per cent) towards mining production (6.2 per cent).

The Consumer Price Index for the quarter fell 0.2 per cent, indicating broad-based price falls across the economy, while the terms of trade fell 1.9 per cent.

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