SYDNEY, March 5 (Xinhua) -- Australian company profits in the final quarter of 2017 have surprised many economists, with every major sector seeing a positive jump.
Expecting to see a lift of around 1.5 percent, the Australian Bureau of Statistics figures showed on Monday that gross operating profits rose 2.2 percent in seasonally adjusted terms in the three months to December 2017.
The strongest performing sector in the lead up to the busy Christmas period was the food services industry, surging 18.0 percent after falling 0.1 percent the previous quarter.
The mining and the resources industry were also big winners adding 4.2 percent to their revenue on the back of stronger commodity prices and increased global demand for iron ore.
Manufacturing soared 9.5 percent, construction bounced 2.9 percent, wholesale trade gained a whopping 11.2 percent and retailers climbed 4.9 percent.
Over the course of the entire year, total profits were up 4.3 percent overall, while wages and salaries down under improved 1.0 percent for the quarter and 4.3 percent for the year.
Economists will now look to Wednesday's GDP read, which is predicted to improve by 0.5 percent.
But although today's data may suggest there could be a slight possibility Australia's GDP read could also come in above market expectations, Capital Economics Australia and New Zealand economist Kate Hickey told Xinhua that inventory data as well as mining and petroleum figures were a little weaker.
"We still expect to see the 0.5 percent increase, however sometimes inventories can offset by imports so it can be hard to know exactly how market perceptions will change," she said.