The QLD Treasury data for State Accounts for the final quarter of 2016 shows the economy picking up nicely.
Whilst the ABS only produce Gross State Product data on an annual (financial year) basis, the Treasury produce their own quarterly estimates. These show GSP rose by 0.9% q/q after the third quarter numbers were also revised stronger (+0.9% from +0.5% original). This equates to an annual increase of 2.1% (after Q3 was revised up from +1.9% to +2.2%).
Even State Final Demand (which does not include the strong trade sector) showed improvement (+0.4% q/q) with the annual change moving into positive territory (+0.7%) for the first time since Sept 2014. Although we should note that the ABS estimate is just a 0.4% increase (also the first positive plot since Sept 2014).
Household expenditure rose 2.6% annually, although this is the weakest annual increase for this sector since June 2015. More encouragingly Private Business Investment rose 0.5% for the quarter, although a decline in Private Dwellings Investment saw total Private Sector Investment decline by 0.3%. Nevertheless, the annual change in Private Investment (-6.7%) is the best result since Sept 2014.