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Australia's Q2 GDP comes above estimates

FXStreet (Bali) - Australia's GDP (QoQ) (Q2) came at +0.5% vs 0.4% exp and 1.1% last while the YoY read in Q2 came at +3.1% vs 3.0% exp and 3.5% last.

Q2 key figures

KEY AGGREGATES: In trend terms, GDP increased 0.7% in the June quarter 2014. Gross value added per hour worked in the market sector rose 0.9% and the Terms of trade fell 1.6%. In seasonally adjusted terms, GDP increased by 0.5% in the June quarter. The Terms of trade decreased 4.1%, and Real gross domestic income decreased 0.3%.

EXPENDITURE ON GDP: In seasonally adjusted terms, the contributors to the increase in expenditure on GDP were Changes in inventories (0.9 percentage points), Final consumption expenditure (0.3 percentage points) and Private gross fixed capital formation (0.3 percentage points). The main detractors were Net exports (-0.9 percentage points) and Public gross fixed capital formation (-0.2 percentage points).

INDUSTRY GROSS VALUE ADDED: In seasonally adjusted terms, the main contributors to GDP growth were Manufacturing (up 2.1%), Construction (up 1.4%) and Accommodation and food services (up 4.5%) each contributing 0.1 percentage points to the increase in GDP. The main detractor was Mining (down 1.4%) detracting 0.2 percentage points from growth in GDP.

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