Aussie GDP grows 0.4 percent in Q4, 2017
Source: Xinhua   2018-03-07 10:58:40

SYDNEY, March 7 (Xinhua) -- The Australian economy grew 0.4 percent in the fourth quarter of 2017, fueled by the household sector but slightly lower than economic forecasts, according to figures from the Australian Bureau of Statistics released on Wednesday.

"Growth of this quarter was driven by the household sector, with continued strength in household income matched by growth in household consumption," said the bureau's chief economist Bruce Hockman.

Spending on hotels, cafes and restaurants and recreation and culture helped with the GDP rise but "private investment detracted from growth due to a decline in dwellings and a sharp fall in new engineering construction. However, private investment in machinery and equipment remained strong, as did construction of non-residential buildings", reported the bureau.

Employee compensation also rose 1.1 percent in Q4, the fourth consecutive quarter of solid growth. The increase in wages is consistent with stronger jobs data as well as "a lift in the growth rate in the wage price index observed over the past two quarters", said Hockman.

The economic growth "was a little weaker" than the 0.5 percent consensus but was "tempered a bit" by the rise in Q3 being revised up from 0.6 percent to 0.7 percent, economic consultancy Capital Economics' chief Australia and New Zealand economist Paul Dales wrote in an analysis.

The economy would need to "step up a gear" for the Reserve Bank of Australia's 3 percent forecast for this year to be achieved, said Dales.

Editor: ZD
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Aussie GDP grows 0.4 percent in Q4, 2017

Source: Xinhua 2018-03-07 10:58:40
[Editor: huaxia]

SYDNEY, March 7 (Xinhua) -- The Australian economy grew 0.4 percent in the fourth quarter of 2017, fueled by the household sector but slightly lower than economic forecasts, according to figures from the Australian Bureau of Statistics released on Wednesday.

"Growth of this quarter was driven by the household sector, with continued strength in household income matched by growth in household consumption," said the bureau's chief economist Bruce Hockman.

Spending on hotels, cafes and restaurants and recreation and culture helped with the GDP rise but "private investment detracted from growth due to a decline in dwellings and a sharp fall in new engineering construction. However, private investment in machinery and equipment remained strong, as did construction of non-residential buildings", reported the bureau.

Employee compensation also rose 1.1 percent in Q4, the fourth consecutive quarter of solid growth. The increase in wages is consistent with stronger jobs data as well as "a lift in the growth rate in the wage price index observed over the past two quarters", said Hockman.

The economic growth "was a little weaker" than the 0.5 percent consensus but was "tempered a bit" by the rise in Q3 being revised up from 0.6 percent to 0.7 percent, economic consultancy Capital Economics' chief Australia and New Zealand economist Paul Dales wrote in an analysis.

The economy would need to "step up a gear" for the Reserve Bank of Australia's 3 percent forecast for this year to be achieved, said Dales.

[Editor: huaxia]
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