Australia’s GDP Q1 higher-than-expected

FXStreet (Bali) – Australia’s Gross Domestic Product (QoQ) came at 0.9% vs 0.7% exp in 1Q, while the yearly reading registered 2.3% vs 2.1%, both coming higher-than-expected.

MARCH KEY POINTS – Australian Bureau of Statistics

KEY AGGREGATES: In trend terms, GDP increased 0.6% in the March quarter 2015. Gross value added per hour worked in the market sector grew 0.1% and the Terms of trade fell 1.9%. In seasonally adjusted terms, GDP increased by 0.9% in the March quarter. The Terms of trade decreased 2.9%, and Real gross domestic income increased 0.2%.

EXPENDITURE ON GDP: In seasonally adjusted terms, the main contributors to the increase in expenditure on GDP were Net exports (0.5 percentage points) and Final consumption expenditure (0.4 percentage points). The main detractor was Total gross fixed capital formation (-0.3 percentage points).

INDUSTRY GROSS VALUE ADDED: In seasonally adjusted terms, the main contributors to the increase in GDP growth were Mining (0.3 percentage points) and Financial and insurance services (0.2 percentage points). The main detractor to growth in GDP was Construction (-0.1 percentage points).

Australia Gross Domestic Product (QoQ) came at 0.9% vs 0.7% exp in 1Q, while the yearly reading registered 2.3% vs 2.1%, both coming higher-than-expected.

(Market News Provided by FXstreet)