Australian Economy Grew More Than Forecast on Post-Flood Household Rebound
Australia’s economy expanded more than economists forecast last quarter, driven by rising consumer spending and a rebound in exports. The local currency gained by the most in more than a week. Second-quarter gross domestic product advanced 1.2 percent from the previous three months, when it fell a revised 0.9 percent. Reserve Bank Governor Glenn Stevens has kept interest rates unchanged at 4.75 percent for the past nine meetings as a mining-investment boom spurs the currency, The Australian dollar climbed after the report, buying $1.0577 as of 11:31 a.m. in Sydney, a 0.9 percent advance, the biggest increase since Aug. 26.
No comments:
Post a Comment