Despite the weak world, and despite the pronounced slowing in several key service sectors of the economy, real GDP grew at an annualised pace of 3¼ per cent during the first three quarters of 2002, with the non-farm economy running a bit over 3½ per cent.
The debilitating effects of drought on farmers and their surrounding regional communities will become more fully apparent in the next couple of quarterly figures, but overall the economy has turned in a very creditable performance. What has driven this growth in domestic demand?