Australia’s Economy is Still Healthy
The mining sector is still booming! Mining is still bringing one of the highest percents towards the annual growth – well in front of the insurance and finance sectors. There are not so many new mines in Australia but the growth in exports is mainly from the mining industry. This is also visible in the growth in gross value added by each sector.
The export of goods and services is booming as well – 10.4% increase in the past year which is the strongest growth for more than a decade. Both nominal and real growth is strong.
Labour productivity continues to do well. GDP per hour worked increase 2% in the past year. The labour productivity has increased even more prominent for the last five years – 12.9% growth.
The household consumption percentage points continued to grow in the past year. The largest amounts spent are on hotels and restaurants, financial services and insurance.
The Australian Bureau of Statistics’ wage price index rose 2.6%.
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