Economic Indicator

    Business turnover in Australia up 0.7% in February, driven by manufacturing growth

    Article Image

    Business turnover in Australia increased by 0.7% in February, according to data from the Australian Bureau of Statistics.

    ABS Head of Business Statistics Robert Ewing noted that this rise marks continued growth in monthly business turnover.

    In seasonally adjusted terms, the 13-industry aggregate saw a more modest 0.2% increase, with mixed results across sectors.

    The manufacturing industry led the growth, up 4.6%, driven by a significant rise in Primary metal and metal product manufacturing.

    However, the overall growth was tempered by declines in seven industries, including mining, which dropped 2.5%, and wholesale trade, down 2%.

    On an annual basis, turnover was higher in 11 of the 13 industries, with manufacturing (+14.2%) and information media and telecommunications (+11.3%) experiencing the largest increases.

    In contrast, mining saw a 6.3% decline, and arts and recreation services fell by 4.7%.

    Disclaimer

    Grafa is not a financial advisor. You should seek independent, legal, financial, taxation or other advice that relates to your unique circumstances. Grafa is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on the information provided directly or indirectly by use of this platform.

    Publisher
    Grafa