Australian economy grows 1.2%
Latest ABS figures show that GDP, in seasonally adjusted volume terms, grew 1.2% in the June quarter 2011, after a revised fall of 0.9% in the March quarter. Growth for the 2010-11 financial year is 1.8%.
The growth for the quarter was driven by a 0.8% contribution to growth from changes in inventories and a 0.7% contribution from final consumption expenditure. These increases were partially offset by a -0.5% contribution from net exports.
On the back of this GDP growth and a 5.4% increase in the Terms of Trade, Real gross domestic income grew 2.6% for the quarter. The Terms of Trade has more than doubled over the past decade, rising from an index number of 60.5 in the June quarter 2001 to 122.6 in June quarter 2011. Real gross domestic income grew 6.5% in the 2010-11 financial year, the largest growth since 1987-88.
Further details can be found in Australian National Accounts: National Income, expenditure and Product