Australia’s economy grew by 0.6 percent in the April-June quarter, the Australian Bureau of statistics reported on Wednesday.
Australia’s economy grew by 0.6 percent in the April-June quarter, the Australian Bureau of statistics reported on Wednesday.
The result takes the annual GDP growth rate to 2.6 percent, up from 2.5 percent in the previous quarter.
“Growth for the quarter was driven by a 0.2 percent contribution from household final consumption and 0.2 percent contribution from changes in inventories,” Xinhua reported citing a statement by the statistics bureau.
“The industries that drove growth in the June quarter were finance, mining, and construction. The finance industry contributed 0.2 percent to the GDP, while the other industries each contributed 0.1 percent to the increase in GDP,” the statement elaborated.
National Bank of Australia senior economist David de Garis said the 0.6 percent growth figure was better than expected, but there were still some concerns.
“We’ve seen consumer spending only growing by 1.8 percent over the course of the past year,” he said.
The building investment recovery also appeared to have “run out of steam” through the middle of the year, he added.
Global banking giant HSBC Australia’s chief economist Paul Bloxham said the figures showed the Australian economy was still a bit sluggish.
In Australia, the financial year runs from July 1 to June 30 of the following year.
-IANS
