AusBN - Australia’s GDP growth rate has reached a two year high of 3.1%, as a result of increasing exports from the resurgent mining industry.
The latest economic growth figure is a significant improvement on the 2.4% growth rate recorded three months ago, and marks a strong start to 2018 for the national economy.
Figures supplied by the Australian Bureau of Statistics (ABS) indicate that Australia’s accelerating quarterly growth was mostly driven by exports of mining commodities.
The mining industry’s gross value added grew by 2.9% during the March quarter according to ABS, with production of coal, iron ore and liquefied natural gas all showing strong increases.
Chief Economist for the ABS Bruce Hockman said: “Growth in exports accounted for half the growth in GDP and reflected strength in exports of mining commodities.”
However, some leading economists have determined that the robust lift in net exports is unlikely to be repeated in the next quarter.
“We doubt that the strength of net exports will be sustained as some of it was due to a catch-up after production problems in the middle of last year,” said Paul Dales, the chief economist of Capital Economics.