Australia�s economy expands faster than expected

AFP, SYDNEY: Australia's economy strengthened last year supported by consumer and government spending, data showed yesterday, with the better-than-expected figures raising hopes the resources-dependent nation is emerging out of a recent slump.
Economic growth expanded by 0.6 per cent in October to December to take the annual rate of expansion to a surprise 3.0 per cent, figures released by the Australian Bureau of Statistics showed. The figures beat market expectations of fourth-quarter growth of 0.4 per cent for year-on-year growth of 2.5 per cent, and sent the Australian dollar jumping almost half a cent to 72.19 US cents. "Today's December quarter national accounts show once again that Australia continues to successfully manage the transition from the largest resources investment boom in our history to broader-based growth," Treasurer Scott Morrison told reporters in Canberra.

Australia�s economy expands faster than expected

AFP, SYDNEY: Australias economy strengthened last year supported by consumer and government spending, data showed yesterday, with the better-than-expected figures raising hopes the resources-dependent nation is emerging out of a recent slump. Economic growth expanded by 0.6 per cent in October to December to take the annual rate of expansion to a surprise 3.0 per cent, figures released by the Australian Bureau of Statistics showed. The figures beat market expectations of fourth-quarter growth of 0.4 per cent for year-on-year growth of 2.5 per cent, and sent the Australian dollar jumping almost half a cent to 72.19 US cents. Todays December quarter national accounts show once again that Australia continues to successfully manage the transition from the largest resources investment boom in our history to broader-based growth, Treasurer Scott Morrison told reporters in Canberra.