The latest ABS National Accounts figures show a relatively positive growth for the Australian economy as GDP, in seasonally adjusted volume terms, grew 0.4 per cent in the December quarter 2011, after a revised increase of 0.8 per cent in the September quarter.
The growth for the quarter was driven by a 0.5 per cent contribution from final consumption expenditure, 0.3 per cent contribution from inventories and 0.3 per cent contribution from net exports.
The increases were partially offset by a -0.2 per cent contribution from dwelling investment and -0.2 per cent contribution from business investment. The industries that drove growth in the December quarter were Financial and insurance services and Manufacturing, each contributing 0.1 per cent to growth in GDP. The December quarter saw the Terms of trade fall 4.7 per cent, the first fall since September 2009.
This was reflected in Real gross domestic income, which declined 0.6 per cent in seasonally adjusted terms for the quarter.