Unexpected 1.3% Economic Growth Rate In March Quarter
Baku, June 6 (AZERTAC). Today’s National Accounts paint an extraordinary picture of exceptional growth in the March quarter, and showcase the rock-solid economic fundamentals which put our economy in a league of its own, despite ongoing global turbulence.
Gross Domestic Product rose by a stunning 1.3 per cent in the quarter to be 4.3 per cent higher through the year, underpinned by a broad-based surge in business investment and strong growth in household consumption.
This is a remarkable outcome and reaffirms Australia’s position as one of the strongest economies in the world, with the Australian economy growing faster than every single major advanced economy in the March quarter. In through the year terms, this result is the fastest growth in over four years, which have been the most turbulent in the global economy since the Great Depression of the 1930s.
These figures come at time when many advanced economies are struggling to grow at all, with a number of economies already in recession and suffering crippling levels of unemployment. Europe faces profound economic challenges and this continues to cast a shadow over the global outlook. Despite these global challenges, the contrast between many advanced economies and the Australian economy could not be more stark.
Expected capital expenditure for the mining industry in 2012-13 is $119 billion, over 40 per cent higher than the corresponding estimate for 2011-12, which, if realised, would be more than two and a half times higher than actual capital expenditure in 2010‑11. This huge investment pipeline is powering ahead in full knowledge of both the Minerals Resource Rent Tax and the price on carbon pollution, both starting on 1 July this year.
Public spending was largely flat in the quarter as all levels of government continued to consolidate their fiscal positions. This means that most of the strong growth in the quarter was driven by the expanding private sector.
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