A pickup in Australia’s gross domestic product (GDP) print on Wednesday gave its currency a boost, but analysts told CNBC it was too soon to get excited about a sustained recovery.
The world’s 12th largest economy grew 0.8 percent last quarter, above analyst expectations of a 0.6 percent rise. On an annual basis, the economy expanded 2.8 percent, up from 2.3 percent in the third quarter and closer to the usual pace of growth it’s enjoyed in recent years.
A pick-up in resource exports and consumer spending was behind the improvement in the overall figure, while a decline in business spending weighed on chances of a stronger pick-up.
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