Australian National Accounts: National Income, Expenditure and Product

Key statistics: • The Australian economy rose 3.1% in seasonally adjusted chain volume measures • Through the year GDP fell 1.1% • The terms of trade rose 4.7% • Household saving ratio decreased to 12.0% from 18.7% Australian economy rose 3.1% in December quarter. Strong growth in the terms of trade The terms of trade rose 4.7% this quarter off the back of higher export prices, particularly for iron ore. The strength in the terms of trade contributed to a 4.2% increase in nominal GDP, the strongest rise since September quarter 1983. Gross Domestic Product (GDP) rose 3.1% this quarter as COVID-19 … (full story)

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