“Through the twelvemonth increase remains positive at 1.8 per cent, reflecting the iii previous quarters of growth.“According to the ABS, the refuse inwards the structure industry, which registered a 3.6 pct driblet due to lower investment inwards edifice activity, had the biggest consequence on the gross domestic product calculation. Sub-optimal increase numbers were likewise seen inwards the fiscal in addition to insurance industries.
Additionally, the ABS also states that the increase inwards the agricultural sector helped offset the declines inwards almost other industries:
“The largest offset to these falls was agriculture which grew 7.5 per cent. Mining production contributed no growth, simply maintained its historically high levels of production.“
Currency Impact:
The Forex marketplace position did non reply real good to the bad economical figures. Yesterday, the Australian dollar lost 0.65 pct against the U.S. dollar inwards the infinite of xxx minutes, next the free the negative gross domestic product impress - the get-go i since May of 2011. However, today, the Australian currency gained 0.89 pct against the greenback, every bit bad consumer credit tidings coming out of the U.S. pushed the dollar lower.