Australia’s economy shows promise

| September 1, 2010 | 0 Comments
Australia's economy shows promise

Latest figures from the Australian Bureau of Statistics show the country’s GDP growing by 1.2% in the second quarter of 2010, compared with 0.7% in the previous three month period.

The spurt, which was driven by a 1.6% increase in household expenditure and an increase in exports of 5.6%, puts economic growth at 3.3% for the year to the end of June.

The industries providing the main contribution to growth during the most recent quarter were construction with a 4.9% increase, mining with a 1.5% increase and professional, scientific & technical services with a 2.3% increase.

Earlier this month, the Reserve Bank of Australia elected to leave the country’s base rate unaltered at 4.5%.

Rates have been on hold since May of this year, as inflation remains on target.

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