Australia Economy Posts 2.5% Annual GDP Growth

Australia’s economy grew a shade more than expected in the third quarter as a sharp increase in mining activity boosted net exports, data released Wednesday showed.

The economy grew 0.9 percent from the previous quarter, the Australian Bureau of Statistics said. The median forecast in a Reuters poll was for a 0.8 percent expansion. In the three months to June-end, the economy grew 0.2 percent on-quarter.
Gross domestic product grew 2.5 percent in the three months through September compared to the same period last year, a smidgen higher than the median 2.4 percent expansion forecast in a Reuters poll.

Australia faces another year of disappointing, if moderate, economic growth but that performance would actually be “respectable” given the sheer scale of the mining boom the country has been through, Australia’s top central banker said on Wednesday.

Speaking in Perth just before the GDP figures were released, Reserve Bank of Australia (RBA) Governor Glenn Stevens noted that past booms had ended with galloping inflation, severe monetary tightening and eventual bust.

via CNBC

Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

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 has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. 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