SYDNEY (Reuters) -Australia’s international trade added only slightly to economic growth in the second quarter and government spending made no contribution at all, a subpar performance that underlines the need for more policy stimulus.
Data from the Australian Bureau of Statistics on Tuesday showed the current account ran a deficit of A$13.7 billion ($8.90 billion) in the June quarter, from a revised A$14.1 billion the previous quarter. That compared with forecasts for a A$16.08 billion deficit.
That was due to domestic investors earning more from their overseas equities, while strong imports of non-monetary gold and travel services led to a fall in the goods and services surplus.
The ABS said net exports would add 0.1 percentage points to gross domestic product in the second quarter, w