LOGO
LOGO

Global Economic News

Australia GDP Gains 0.8% On Quarter In Q2

By RTTNews Staff Writer   ✉  | Published:  | Google News Follow Us  | Join Us
rttnewslogo20mar2024

Australia's gross domestic product expanded a seasonally adjusted 0.8 percent on quarter in the second quarter of 2017, the Australian Bureau of Statistics said on Wednesday.

That was shy of expectations for 0.9 percent but up from 0.3 percent in the first quarter.

On a yearly basis, GDP climbed 1.8 percent - in line with expectations and up from 1.7 percent in the three months prior.

The terms of trade fell 6.0 percent in the quarter but surged 14.9 percent on year.

This has impacted GDP in current prices, which fell 0.1 percent as lower coal and iron ore prices contributed to more subdued company profits. Gross operating surplus from businesses declined 2.6 percent for the quarter.

Final consumption expenditure added 0.8 percent on quarter and 2.6 percent on year, while gross fixed capital formation jumped 1.5 percent on quarter and 1.8 percent on year.

Real net national disposable income fell 1.0 percent on quarter but gained 4.0 percent on year.

Domestic spending increased 1.0 percent for the quarter, driven by a 0.7 percent growth in household consumption, with expenditure on food, clothing and household furnishings increasing.

Dwelling construction grew a moderate 0.2 percent with growth observed in New South Wales and Queensland.

GDP growth for the 2016 -17 financial year was 1.9 percent.

For comments and feedback contact: editorial@rttnews.com

Economic News

What parts of the world are seeing the best (and worst) economic performances lately? Click here to check out our Econ Scorecard and find out! See up-to-the-moment rankings for the best and worst performers in GDP, unemployment rate, inflation and much more.

Global Economics Weekly Update - Jun 08-12, 2026

June 12, 2026 17:14 ET
Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.