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.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.