AUSTRALIAN ECONOMY GROWS 0.7 PER CENT

AUSTRALIAN ECONOMY GROWS 0.7 PER CENT

THE latest ABS statistics show Australia’s GDP experienced modest growth in the December quarter, but predicts big impacts from January’s natural disasters to reflect in the next report.

GDP, in seasonally adjusted volume terms, grew 0.7 per cent in the December quarter 2010, after growing just 0.1 per cent in the September period.

The professional, scientific and technical services sector experienced the biggest growth for a single industry, with a 0.3 per cent increase from last quarter. Finance and insurance services also increase by 0.2 per cent.

The ABS states the floods have had some effect on the December quarter estimates, but a significant economic impact will be reflected in the estimates for the March quarter 2011 release.

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