Australia’s Q1 GDP grows by 0.2%
In the first quarter,
Australia's GDP (Gross Domestic Product) grew by 0.2% compared to fourth quarter of 2003 and increased by 3.2% from the same period of previous year, according to the data released by Australian Bureau of Statistics.
The growth in GDP was driven by the increase in household final
consumption expenditures, which rose by 0.8% point and private non-farm inventories, which surged by 1.1% points.
Analysts' expectations were 0.5% for first quarter GDP growth from the previous quarter and year-on-year growth was expected as 3.6%.