Australia's economy is stronger than anyone thought

Australia's economy is stronger than anyone thought

Business Insider

Koji Watanabe/Getty Images

Australian economic growth has beaten expectations, rising 0.6% in the final quarter of 2015 in seasonally adjusted chain volume terms.

The figure, above expectations for an expansion of 0.4%, left the annual rate of growth at 3.0%. This too was significantly above forecasts for an increase of 2.5%.

It was the fastest annual expansion seen since the September quarter of 2012.

Australia Q4 GDPKoji Watanabe/Getty Images

According to the ABS, an increase of 0.8% in household final consumption, along with 6.0% growth in public gross fixed capital formation, was enough to offset a fall in private business investment of 3.3%.

The table below, supplied by the ABS, reveals the contribution to economic growth by component. The quarterly contribution to economic growth in percentage points is shown in red.

ABS Q4 2015 GDP table breakdown expenditureKoji Watanabe/Getty Images

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