The latest Australian Bureau of Statistics (ABS) figures show the Australian economy grew by 1.1 per cent to an annual Gross Domestic Product (GDP) rate of 3.1 per cent.
The annual rate is the strongest annual increase since September 2012, with exports driving economic growth in the March quarter 2016. The economy is showing a transition from mining based investment to production with mining production growing and mining related products significantly contributing to the 4.4 per cent growth in exports.
Service based industries such as finance, retail trade, accommodation and food services, and arts and recreation all increased which further contributed to the growth in GDP.
Although, GDP figures are a good indication of how Australia’s economy is doing, it is only one measure of economic activity. A more holistic view of economic wellbeing looks at other measures such as unemployment rates and income distribution.