How Australia’s GDP growth adds up

(Australian Associated Press)

* Gross domestic product rose 0.3 per cent in the March quarter, taking annual growth to 1.7 per cent.

* Exports fell 1.6 per cent in the quarter, mainly due to a drop in shipments of mineral ores and coal.

* Dwelling investment fell 4.4 per cent in the quarter, with every state other than Victoria recording a decline.

* Wages and salaries rose 1.0 per cent in quarter.

* Household spending rose 0.5 per cent in the quarter, driven by higher electricity, gas and fuel costs.

* Household savings ratio dipped to 4.7 per cent and has now fallen more than 2 percentage points in 12 months.

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