Australia GDP grew 1.0% qoq in Q1, above expectation of 0.8% qoq. Q4’s figure was also revised up from 0.4% qoq to 0.5% qoq.
Chief Economist for the ABS, Bruce Hockman said in release that “growth in exports accounted for half the growth in GDP, and reflected strength in exports of mining commodities.” Mining industry Gross Value Added grew 2.9% during the quarter. Production of coal, iron ore and liquefied natural gas showed strong increases.
Meanwhile, private non-financial corporations profits increased by 6.0%. Hockman added that “the rise in profits was consistent with the strong increase in mining exports coupled with a lift in the terms of trade this quarter.”
Full release here.
