GDP affected by weak domestic spending
Official gross domestic product figures out on Wednesday 3/12/13 showed that the economic growth was weighed down by weak consumer spending in the three months to September. GDP grew at a sluggish 0.6 per cent in the September quarter, for an annual rate of 2.3 per cent, the Australian Bureau of Statistics said. Domestic final demand, (a measure of total spending in the economy) increased by only 0.4 per cent in the quarter, after a 0.7 per cent in the June quarter. HSBC chief economist Paul Bloxham said the rebalancing of the Australian economy is yet to come and economic growth continues to be supported by mining investment and rising commodities exports as new projects start production. “Our central case remains that growth will rebalance further in coming quarters…we expect this to mean that the RBA will not need to deliver more rate cuts, although further signs of rebalancing are clearly needed…The recent fall in the Australian dollar is expected to support this rebalancing.” he said. “Growth remains sluggish and below trend, although it is not disastrously weak,”.
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