none

ECONOMIC STATISTICS HINT AT CONTINUING RECOVERY

01-03-2017
by 
in 

The latest set of economic statistics paint a positive picture for both the Australian economy in general and manufacturing in particular.

Fears of a “technical” recession (two consecutive contracting quarters) have been proved groundless by the release of the latest figures from the Bureau of Statistics, showing that the economy grew by 1.1% in the December quarter. (This followed a contraction in the September quarter.)

According to the ABS, rising household spending (0.5 percentage points) and public infrastructure investment (0.3 percentage points) were the two major contributors to the nation's growth.

On the manufacturing front, the picture is even brighter, with the Australian Industry Group’s Performance of Manufacturing Index rising to a 15 year high of 59.3 in February, offering the prospect of further gains for the economy as a whole.

Not everything in the garden is rosy, though. While the highest manufacturing PMI since May 2002 comes on the back of four previous months of growth, some of the underlying figures suggest that the growth may not be sustainable.

For example, while the selling prices subindex edged higher (up to 53.7), growth in input costs and wages (down to 58.8) continues to outpace selling prices.

Related news & editorials

  1. 17.09.2020
    17.09.2020
    by      In
    A new report from Australia’s national science agency, CSIRO, has revealed the opportunities for key industries to leverage science and technology and help restore economic growth and resilience.
    The COVID-19: Recovery and resilience report highlights the trends and national advantages COVID-19... Read More
  2. 17.09.2020
    17.09.2020
    by      In
    As with many industries, compressed air can be a significant cost if not conserved.
    In many areas of production more than 20% of compressed air energy can be attributed to waste.
    Key Account Manager for SMC Corporation Australia New Zealand  - Dairy Industry, Paul Grantham describes what “... Read More
  3. 17.09.2020
    17.09.2020
    by      In
    A high percentage of health care workers are at risk of contracting airborne diseases such as COVID-19 due to personal protective equipment facemasks not fitting correctly, according to a review of literature carried out by researchers from The University of Western Australia, Perth Children’s... Read More
  4. 17.09.2020
    17.09.2020
    by      In
    Nine out of 10 Australians believe Australia should produce more products locally as a result of the COVID-19 pandemic, according to a consumer research by Roy Morgan.
    The study found 89 per cent of Australians believe manufacturing should be re-shored. Reliance on other countries topped the list... Read More