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Australia Q2 GDP Gains 0.6% On Quarter


Australia's gross domestic economy climbed a seasonally adjusted 0.6 percent in the second quarter of 2013 compared to the previous three months, the Australian Bureau of Statistics said on Wednesday.

The headline figure was unchanged from the previous quarter, but it beat forecasts for an increase of 0.5 percent.

Terms of trade added 0.1 percent on quarter, while real gross domestic income gained 0.6 percent.

On a yearly basis, GDP was up 2.6 percent versus forecasts for 2.4 percent after adding 2.5 percent in the previous three months.

The contributors to expenditure on GDP were final consumption expenditure (0.4 percentage points), private gross fixed capital formation (1.4 percentage points) and changes in inventories (0.2 percentage points).

The main detractor was public gross fixed capital formation (-1.4 percentage points).

The main contributors to GDP were financial and insurance services (up 2.1 percent) and construction (up 1.9 percent). Financial and insurance services contributed 0.2 percentage points to the increase in GDP while construction contributed 0.1 percentage points.

Upon the release of the data, the Australian dollar edged higher against major rivals, trading near 1.1630 against the New Zealand dollar, 1.4510 against the euro, 90.38 against the yen and 0.9080 against the U.S. dollar.

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