AAP General News (Australia)
12-07-2011
FED:Economy grows at solid clip in Sept qtr
The economy grew at a solid clip of 1.0 per cent in the September quarter, extending
the recovery from the weather-related downturn in the first three months of the year.
The latest national accounts show over the 12 months to the end of September gross
domestic product grew by a seasonally-adjusted 2.5 per cent.
That result, due to upgraded growth in both the March and June quarters, was stronger
than economists had expected.
The Australian Bureau of Statistics says the main contributor to growth in the September
quarter was business investment, which added 2.1 percentage points.
But that was offset by a 0.8 percentage point deduction from business inventories -
such as stock on shelves and in warehouses - and a 0.6 percentage point drag from exports.
AAP RTV cb/rl/ar
KEYWORD: ECONOMY (CANBERRA)
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