Australia's GDP expands 0.9% q/q in Q2, beats estimates

The Australian economy expanded 0.9 percent in the second quarter of 2018 following the first quarter's 1 percent growth, the Australian Bureau of Statistics (ABS) reported on Wednesday. The actual print bettered estimate of 0.7 percent. The annualized growth rate printed at 3.4 percent, beating the expected figure of 2.8 percent by a big margin. 

Summary (Source: ABS)

The Australian economy grew by 0.9% in seasonally adjusted chain volume terms in the June quarter.

Household final consumption expenditure increased 0.7% during the quarter contributing 0.4 percentage points to GDP growth.

Compensation of employees increased by 0.7%.

Net exports contributed 0.1 percentage points to GDP growth.

The terms of trade fell 1.3%.