Australia 3Q GDP Expands At 0.6%; Misses Forecasts

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Australia’s economy expanded at a slower-than-expected rate in the three months to September, the Australian Bureau of Statistics said on Wednesday.

The gross domestic product, or GDP, grew at a seasonally adjusted 0.6 percent in the third quarter of this year, after expanding by a revised 0.7 percent in the second quarter. The headline reading fell short of analysts’ expectations for a 0.8 percent growth.

On a seasonally adjusted year-on-year basis, the GDP grew at 2.3 percent in the third quarter, missing forecasts for a growth of 2.6 percent, and lower than the revised 2.4 percent growth seen in the same period last year.

In seasonally-adjusted terms, the main contributors to GDP were mining (up 2.7 percent) and construction (up 1.1 percent). Mining contributed 0.3 percentage points to the increase in GDP while construction contributed 0.1 percentage points, the statement from the ABS said.

The contributors to expenditure on GDP were public gross fixed capital formation (1.3 percentage points), net exports (0.7 percentage points) and final consumption expenditure (0.4 percentage points), while detractors were private gross fixed capital formation (-1.4 percentage points) and changes in inventories (-0.5 percentage points).

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