Australian Economy’s Recovery Intensifies With GDP up 3.1%
Bloomberg
Published Mar 02, 2021 07:38PM ET
Updated Mar 02, 2021 07:54PM ET
Australian Economy’s Recovery Intensifies With GDP up 3.1%
(Bloomberg) -- Australia’s economy maintained its rapid recovery in final three months of 2020, underpinned by household spending and investment and reinforcing the nation’s success with its pandemic response.
Gross domestic product jumped 3.1% from the third quarter, when it advanced by a revised 3.4% , the Australian Bureau of Statistics said in Sydney Wednesday. Economists had forecast a 2.5% expansion. From a year earlier, the economy shrank 1.1% versus an estimated 1.9% contraction.
“This is the first time in the over 60 year history of the national accounts that GDP has grown by more than 3% in two consecutive quarters,” the ABS said in a statement.
The Australian dollar edged up after the report, trading at 78.44 U.S. cents at 11:33 a.m. in Sydney.
Australia’s rapid rebound has been underpinned by its ability to contain Covid-19, boosting consumer and business confidence. The nation’s households are now spending the additional savings built up from stimulus payments and fewer consumption options during last year’s lockdown.
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