Australia’s GDP rises 2.6% year on year

Australia’s economic growth edged up slightly in the second quarter, with gross domestic product rising (GDP) 2.6 percent year on year.

The GDP reading came in a touch above consensus expectations for 2.5 percent, and follows 2.5 percent growth in the March quarter. On a quarterly basis, the economy expanded 0.6 percent.

The country’s central bank has cut interest rates twice this year to 2.5 percent in an effort to bolster growth.

The Australian dollar reacted positively to the data, rising 0.2 percent against the U.S. dollar to trade around the 0.908 level.


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