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Australia Q3 GDP Expands 0.6% On Quarter

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

The headline figure was shy of expectations for an increase of 0.7 percent following the 0.6 percent gain in the second quarter.

On a seasonally adjusted annualized basis, GDP was up 2.3 percent - also missing forecasts for an increase of 2.6 percent, which would have been unchanged from the previous three months.

Terms of trade contracted 3.3 percent on quarter and 3.6 percent on year.

Final consumption expenditure added 0.6 percent on quarter and 1.8 percent on year, while gross fixed capital formation eased 0.2 percent on quarter and 1.2 percent on year.

Real net national disposable income dipped 0.6 percent on quarter and gained 0.6 percent on year.

The contributors to expenditure on GDP were public gross fixed capital formation (1.3 percentage points), net exports (0.7 percentage points) and final consumption expenditure (0.4 percentage points).

The detractors were private gross fixed capital formation (-1.4 percentage points) and changes in inventories (-0.5 percentage points).

The main contributors to GDP were mining (up 2.7 percent) and construction (up 1.1 percent). Mining contributed 0.3 percentage points to the increase in GDP.

The construction, transport, postal and warehousing, financial and insurance services, public administration and safety and health care and social assistance industries each contributed 0.1 percent to the increase in GDP.

Also on Wednesday, the latest survey from the Australia Industry Group revealed that the service sector in Australia came in with a score of 48.9 in November.

That's up from 47.9 in October and represents an eight-month high, although it remains below the boom-or-bust plateau of 50 that separates expansion in a sector from contraction.

In all, the service sector has been contracting for 22 consecutive months, AiG said.

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