Australia: Q3 GDP +0.5%; gives RBA some breathing room (San Francisco) - Australia’s seasonally adjusted Gross Domestic Product increased by 0.5% in the September 2012 quarter, and increased by 3.1% YoY, the Australian Bureau of Statistics (ABS) reported Wednesday. With the annual growth rate above 3% and in line with the trend, this supports the view that the Reserve Bank of Australia may keep policy on hold until at least Q2 2012.

The Bureau also reported that the main contributors to GDP were mining, manufacturing and Health care and social assistance: “Mining contributed 0.4 percentage points, Manufacturing and Health care and social assistance both contributed 0.1 percentage points to the increase in GDP,” the ABS report reads.