Gross do­mes­tic prod­uct suffers early ef­fects of floods

Townsville Bulletin - - Investor -

AUS­TRALIA’S econ­omy grew in line with ex­pec­ta­tions in the fi­nal quar­ter of 2010, but econ­o­mists say the ef­fects of re­cent nat­u­ral dis­as­ters slightly de­pressed ex­ports.

The Aus­tralian econ­omy grew by .7 per cent in the De­cem­ber quar­ter ,seas on­ally ad­justed, na­tional ac­counts re­leased yes­ter­day show.

This c o mpared wit h a down­wardly re­vised .1 per cent gross do­mes­tic prod­uct in the Septem­ber quar­ter.

‘‘ All told, with the ef­fects of the floods and ev­ery­thing else, it’s about in line with ex­pec­ta­tions,’’ No­mura Aus­tralia chief econ­o­mist Stephen Roberts said.

He ex­pected March quar­ter GDP fig­ures to give a fuller pic­ture of the floods and cy­clones that hit Queens­land in late De­cem­ber to Jan­uary.

‘‘ We’re not go­ing to see much growth in the March quar­ter, be­cause it’s go­ing to be af­fected by the floods and the cy­clone,’’ he said.

‘‘ But later in the year, we can ex­pect bet­ter num­bers than these.’’

Over the year to the end of De­cem­ber, GDP grew at 2.7per­cent sea­son­ally ad­justed.

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