In releasing the national accounts, the Australian Bureau of Statistics said: "Private gross fixed capital formation and final consumption expenditure contributed 0. 3 percentage points each to GDP growth. "Changes in inventories contributed 0. 9 percentage points to GDP growth.
The quarterly gross domestic figure, which was slightly above the Reserve Bank of Australia‘s own calculations, takes the annual growth rate to the end of June to 3. 1 per cent compared with 3. 5 per cent at the end of March.
The Australian economy grew a mere 0. 5 per cent in the June quarter as a steep fall in export values and weak capital expenditure crimped national output.
Real gross domestic income dropped by 0. 3 per cent during the June quarter as a result of the decline in terms of trade.
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