Australia's Q4 GDP: Major beat on expectations

Australia's Gross Domestic Product (QoQ) for Q4 came at 1.1% vs 0.7% exp and -0.5% last, while the yearly reading registered 2.4% vs 1.9% exp and 1.8% last. The data has boosted the Australian Dollar across the board. 

GDP SUMMARY

The Australian economy grew by 1.1% in seasonally adjusted chain volume terms in the December quarter.

Household final consumption expenditure contributed 0.5 percentage points and public capital formation contributed 0.3 percentage points to growth.

Private non-financial corporations Gross operating surplus increased by 16.5%.

Compensation of employees decreased 0.5%, but was 1.5% higher through the year.

The Terms of trade increased by 9.1%.