Australia’s GDP grows 2.7% for 2010

Australia’s economy grew 2.7% over the year, according to latest GDP figures to december 2010.
The Gross Domestic Product (GDP) in Australia expanded 0.70 percent in the fourth quarter of 2010 over the previous quarter. The industry that drove growth in the December quarter was professional, scientific and technical services with a 0.3% contribution to growth, and finance and insurance services with 0.2% contribution to growth. That takes annual GDP growth to 2.7%.

From 1959 until 2010, Australia’s average quarterly GDP Growth was 0.88 percent reaching an historical high of 4.50 percent in March of 1976 and a record low of -2.50 percent in June of 1974. Australia’s economy is dominated by its services sector, yet its economic success is based on abundance of agricultural and mineral resources. Australia’s comparative advantage in the export of primary products is a reflection of the natural wealth of the Australian continent and its small domestic market. The country is a major regional financial centre and a vital component of the global financial system.

Flooding in Queensland began in late December 2010. While the floods have had some effect on the December quarter estimates, it is expected that the more significant economic impact of this and floods in other states will be reflected in the estimates for the March quarter 2011

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