Australia's GDP Q3 Expands 0.9% Beats Forecast


The latest figures from the Australian Bureau of Statistics (ABS) showed that Australia’s GDP expanded 0.9% in the September quarter, against 0.5% growth seen previously.

Markets had predicted the economy to grow 0.8% in Q3. While on annual basis, the economy grew 2.5% versus 2.4% increase expected.

As noted by ABS,
“The largest contribution to economic growth this quarter was Exports of goods and services, up 4.6%. This was concentrated in mining commodities, which is reflected by strong growth in Mining activity, bouncing back after a decline in the June quarter. Gross fixed capital formation was the major reason for the weakness in the domestic economy.”
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