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Australian GDP grew 0.6% in Q2/2013. The pace of growth was marginally above the (downwardly revised) 0.5% recorded last quarter. Annual GDP growth increased from 2.5% to 2.6% in the quarter, but remains slightly below trend.More subdued growth over the past year reflects the headwinds of an unwinding of the resource investment boom and a lag in the domestic economy in responding to the stimulus of lower interest rates. Evidence of improved domestic economic activity in the Q2/2013 figures remains tentative at best. However, GDP figures are always very backward looking and more recent partial indicators of economic activity have lent some support to the proposition that this transition of economic drivers is underway.
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08 September 2013