Australian GDP up 0.7% in June quarter 2021
- GDP in Australia rose 0.7% during the June quarter of 2021.
- Domestic activity was bolstered by household spending on transport and constructions services.
- Australia’s gross domestic economy was worth $1.98 trillion during the 2021 financial year, up 9.6% from the previous year.
Australia’s gross domestic product rose 0.7% in the June quarter following restriction-free activity from April till June.
The stay-at-home orders for New South Wales residents began in the final week of the June quarter where the national economy had been buoyed by strong terms of trade and elevated levels of private investment in the three months to June.
Spending on transport services and ongoing activity in Australia’s residential construction sector continued to provide a near-term tailwind of stronger consumption within the domestic economy.
While noting an uplift in the June quarter, a September contraction appears likely following a period of prolonged lockdown on the eastern seaboard.
Western Australia and Queensland, to a lesser extent, are the only major regions that have continued to enjoy a level of economic activity that has underpinned growth in those states.
According to data compiled from the Australian Bureau of Statistics, Australia’s domestic economy expanded 9.6% during the 2021 financial year and was valued at $1.98 trillion.
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