Key data from March national accounts

(Australian Associated Press)

 

KEY FIGURES FROM THE MARCH NATIONAL ACCOUNTS

* GDP fell 0.3 per cent over the March quarter

* Annual growth slowed to 1.4 per cent

* Increased government spending added 0.3 points to GDP

* Net trade added 0.5 points

* Private demand took off 0.8 points, driven by 1.1 per cent fall in household spending

* Household savings to income grew to 5.5 per cent, reflecting a rise in gross disposable income from increased benefits

* 6.2 per cent increase in social assistance benefits – bushfire assistance, more people on welfare and the initial coronavirus support measures

* 0.8 per cent drop in hours worked – largest fall was in final week of March

* OECD average contraction six times bigger than Australian figures

CHANGES TO HOUSEHOLD SPENDING

* 14.5 per cent drop in spending on transport services compared with March 2019

* 12.6 per cent drop in spending on cigarettes and tobacco

* 8.7 per cent drop in spending on hotels, cafes and restaurants

* 6.9 per cent drop in spending on clothes

* 6.3 per cent increase in spending on food

* 4.7 per cent increase in spending on alcohol

* 3.6 per cent increase in spending on communications

(Source: Australian Bureau of Statistics)

Read it on Apple news

0

Like This