Australian March quarter GDP rises 0.7 per cent

Australian real gross domestic product (GDP) rose by a seasonally adjusted 0.7 per cent in the March quarter, the Australian Bureau of Statistics said.

Over the year to March, GDP rose 1.9 per cent.

This compared with an upwardly revised rise of 0.3 per cent in the December quarter, revised from a rise of 0.2 per cent.

Household final consumption expenditure rose 0.8 per cent in the quarter and rose 3.4 per cent over the year to March, adjusted.

Total investment in dwellings fell 0.5 cent in the quarter, adjusted, to be down 3.8 per cent in the year to March.

Total gross fixed capital formation fell 1.6 per cent in the quarter and rose 4.3 per cent over the year, adjusted.

Domestic final demand fell 0.1 per cent in the quarter and rose 3.4 per cent over the year, adjusted.

Gross National Expenditure (GNE) increased 1.0 per cent in the quarter for an annual lift of 3.5 per cent, adjusted.

- AAP