Australian Economy Grows Faster in Third Quarter

Australia’s economy grew more than expected, picking up pace in the second half of the year as exports rose.

The economy grew 2.5% in the three months to September from a year ago, compared with 1.9% in the previous quarter and above forecasts of 2.4%.

It grew 0.9% from the previous quarter, also beating expectations of 0.8%.

Despite a slowdown in its biggest trading partner, China, and falling commodity prices, exports rose, giving the economy a boost.

Exports jumped 4.6% in the quarter, adding one percentage point to gross domestic product (GDP) growth.

This was during a period when the Australian dollar dropped 9% on record low interest rates in the country as the central bank tried to boost economic activity.

The Australian dollar surged to its highest level in almost seven weeks to $0.7345 after the growth figures were released.

via BBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza