AFP, Sydney :
Australia’s economy strengthened last year supported by consumer and government spending, data showed Wednesday, with the better-than-expected figures raising expectations the resources-dependent nation is emerging out of a recent slump.
Economic growth expanded by 0.6 percent in October to December to take the annual rate of expansion to a surprise 3.0 percent, figures released by the Australian Bureau of Statistics showed.
The surprise improvement beat market expectations of fourth-quarter growth of 0.4 percent for year-on-year growth of 2.5 percent, 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.”
Australia’s economy strengthened last year supported by consumer and government spending, data showed Wednesday, with the better-than-expected figures raising expectations the resources-dependent nation is emerging out of a recent slump.
Economic growth expanded by 0.6 percent in October to December to take the annual rate of expansion to a surprise 3.0 percent, figures released by the Australian Bureau of Statistics showed.
The surprise improvement beat market expectations of fourth-quarter growth of 0.4 percent for year-on-year growth of 2.5 percent, 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.”
