Private Sector Will Drive Quarter's Economic Growth

The Morning Bulletin (Rockhampton, Australia), August 31, 2010 | Go to article overview

Private Sector Will Drive Quarter's Economic Growth


AUSTRALIA'S economic growth is expected to have picked up pace in the June quarter, driven by strong private sector construction.

The Australian Bureau of Statistics (ABS) national accounts tomorrow are expected to show gross domestic product (GDP) expanded by 0.9% in the June quarter, according to a survey of 11 economists by AAP.

The median market forecast for annual expansion in GDP is 2.7%.

The March quarter GDP expanded by 0.5% for an annual rate of 2.7%.

UBS chief economist Scott Haslem said strong public sector demand backed up by the public sector stimulus would deliver a good GDP number.

"It's driven by private sector recovery that more than offsets the levelling in public demand as the fiscal stimulus fades," he said.

"A reasonable rise in the construction work across both residential and non-residential and particularly engineering, as well as a reasonably significant export contribution."

Commonwealth Bank economist James McIntyre expected private demand to have been relatively strong in the June quarter.

"Obviously the public side was also boosted by some of the public housing stimulus coming through and the school building construction. …

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