Australias gross domestic product (GDP) gained a seasonally adjusted 1% on quarter in the first three months of 2018, the Australian Bureau of Statistics said on Wednesday. The current reading followed a 0.4% gain in the previous three months. On a yearly basis, GDP rose 3.1%, up from 2.4% in the three months before. Mining industry gross value added grew 2.9% during the quarter. Private non-financial corporations profits increased 6%in the March quarter, recording the strongest increase in the past year.