The ABS published their data to September 2014 in the National Accounts. GDP, in seasonally adjusted chain volume terms, grew 0.3 per cent in the September quarter 2014. This number is significantly below analysts’ expectations which was in the order of 0.7 per cent in the quarter and also is a drop from the relatively weak 0.5% growth recorded in June.This translates to 2.7 per cent for the 12 months to September 2014.
Net exports contributed 0.8 percentage points to GDP growth. Household final consumption expenditure contributed 0.3 percentage points to GDP growth and Government final consumption expenditure contributed 0.1 percentage points to GDP growth. This was offset by a -0.7 percentage point contribution to GDP growth from total Gross fixed capital formation and a -0.1 percentage point contribution from Changes in inventories.
The Terms of trade decreased 3.5%, and Real gross domestic income decreased 0.4%. In seasonally adjusted terms, the main contributors to the increase in expenditure on GDP were Net exports (0.8 percentage points) and Final consumption expenditure (0.4 percentage points) The main detractors were Private gross fixed capital formation (-0.5 percentage points) and Public gross fixed capital formation (-0.2 percentage points).
In seasonally adjusted terms, the main contributor to GDP growth was Financial and insurance services (0.2 percentage points), with Mining and Information media and telecommunications each contributing 0.1 percentage points to the increase in GDP. The main detractors to growth in GDP were Construction (-0.2 percentage points) and Professional, scientific and technical services (-0.2 percentage points).
The AU – US rate dropped below 84c on the news.
One thought on “GDP 0.3% In Sept Quarter”