Latest ABS figures show that GDP, in seasonally adjusted volume terms, grew 1.3% in the March quarter 2012, after a revised increase of 0.6% in the December quarter.


The growth for the quarter was driven by a 1.0% contribution from final consumption expenditure and a 0.9% contribution from business investment. The increases were partially offset by a -0.5% contribution from net exports and -0.1% contribution from dwelling investment.

The industries that drove growth in the March quarter were Mining, Professional, scientific and technical services and Financial and insurance services, each contributing 0.2% to growth in GDP.

The March quarter saw the Terms of trade fall 4.3%. This was reflected in Real gross domestic income, which grew by 0.2% in seasonally adjusted terms for the quarter.

 

Treasurer Wayne Swan welcomed the ‘stunning’ quarterly growth, saying that the figures show the ‘rock-solid’ economic fundementals of the country.

 

“This is a remarkable outcome and reaffirms Australia's position as one of the strongest economies in the world, with the Australian economy growing faster than every single major advanced economy in the March quarter. In through the year terms, this result is the fastest growth in over four years, which have been the most turbulent in the global economy since the Great Depression of the 1930s,” Mr Swan said.

Further details can be found in Australian National Accounts: National Income, expenditure and Product (cat. no. 5206.0).