Drop in exports sees Australia's economic growth slow significantly in the September quarter
December 1, 2010
A drop in exports has seen Australia’s economic growth slow significantly in the September quarter.
As reported by the ABS today, GDP rose by only 0.2 percent in seasonally adjusted terms after growing by 1.1 percent in the June quarter.
The growth was driven by a 0.6 percent increase in household expenditure and a 0.9 percent increase in gross fixed capital expenditure.
A drop in net exports proved a key drag on growth, which saw a 2.4 percent fall in exports and a 0.5 percent fall in imports.
The industry that drove growth in the September quarter was agriculture, forestry and fishing with an 18.5 percent increase in seasonally adjusted volume terms driven by strong crop forecasts.
