Economic growth staying solid

Written By Unknown on Selasa, 03 Desember 2013 | 08.52

AUSTRALIA'S economic growth is expected to have picked up a little as the non-mining sectors of the economy start to recover.

The Australian Bureau of Statistics (ABS) will release national accounts data on Wednesday.

Gross domestic product (GDP) is expected to have grown 0.7 per cent in the September quarter, for an annual rate of 2.5 per cent, according to an AAP survey conducted last week.

This would be slightly higher than June quarter growth of 0.6 per cent.

HSBC chief economist Paul Bloxham said the nation's economic growth was showing signs of rebalancing away from one that was heavily driven by mining and resources investment.

"Low interest rates are lifting the established housing market and this month brought more evidence that the upswing in residential construction is picking up pace," he said.

Many economists have made small upward revisions to their forecasts after international trade data released on Tuesday showed stronger than expected net exports will contribute 0.7 percentage points to September quarter growth.


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