GDP grows 1.2% in Q4, 1.8% in FY11

GDP grows 1.2% in Q4, 1.8% in FY11

Australia's GDP rose 1.2% in Q4, rebounding from a 0.9% decline a quarter earlier, according to ABS data.

GDP also grew a seasonally adjusted 1.8% for the financial year despite the impact of the natural disasters of early 2011, the statistics show.

Real gross domestic income – measured by adjusting GDP against terms of trade – was up 2.6% during the quarter and 6.5% for the financial year . This is the largest annual increase recorded since the financial year ending in 1988.

Despite recent indicators of depressed consumer spending, household consumption expenditure increased during the June quarter, contributing 0.5 percentage points to GDP growth.

While declining net exports detracted 0.5 percentage points from the result, this is below the 2.2 percentage point impact from the March quarter.

National disposable income grew 3.3% sequentially and 3.7% year-on-year during the quarter.

Labor costs saw an associated increase, with average compensation per employee rising 1.2%, and total compensation up 1.7%.

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