Sound GDP growth for June quarter

The Australian economy has bucked the global trend delivering a seasonally adjusted 0.6 per cent rise in gross domestic product (GDP) for the June quarter according to ABS data released today.

According to the ABS household final consumption and new machinery and equipment were the main positive contributors to the expenditure on GDP – both at 0.5 per cent.

The most significant negative influence was new building construction at -0.3 per cent and imports at -0.5.

News earlier today however points to a more positive outlook for construction moving forward with housing approvals rising in July to 7.7 per cent.

The Australian economy has bucked the global trend delivering a seasonally adjusted 0.6 per cent rise in gross domestic product (GDP) for the June quarter according to ABS data released today.

According to the ABS household final consumption and new machinery and equipment were the main positive contributors to the expenditure on GDP – both at 0.5 per cent.

The most significant negative influence was new building construction at -0.3 per cent and imports at -0.5.

News earlier today however points to a more positive outlook for construction moving forward with housing approvals rising in July to 7.7 per cent.

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