Australia GDP Up 0.5%

Australia’s economy grew at a faster than expected pace in the second quarter, data showed on Wednesday.  Gross domestic product (GDP) rose 0.5 percent in the June quarter from the quarter before, a tad above Reuters’ forecast for a 0.4 percent expansion, and following a 1.1 percent gain in the first three months of the year.

On an annual basis, GDP climbed 3.1 percent on an annual basis, beating expectations of a 3 percent increase and after rising 2.9 percent in the first quarter.

Australian shares rose 0.2 percent to a two-week high while the Australian dollar ticked up 0.1 percent against the greenback, rebounding from Tuesday’s eight-day low.

CNBC

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