Australia Economy Outpaces Market Expectations
Data published by the Australian Bureau of Statistics (ABS) confirmed the quarterly figure surpassed the 0.6 percent growth forecast by economists, while full-year expansion exceeded the projected 2.2 percent annual rate, an Australian broadcasting agency reported Wednesday morning.
The result marks a notable acceleration from the September quarter, which recorded growth of 0.5 percent on a quarterly basis and 2.1 percent annually.
The outperformance also cleared the bar set by the country's central bank. The Reserve Bank of Australia (RBA) had projected in February that GDP would expand by 2.3 percent over the 12 months through December — a threshold the economy ultimately surpassed.
Treasurer Jim Chalmers welcomed the figures in an upbeat statement. "These really encouraging numbers are a very robust foundation from which we confront intense global economic volatility, made worse by the dramatic escalation of hostilities in Iran and across the Middle East," Chalmers said.
On a per-capita basis, the ABS reported that GDP climbed 0.9 percent annually to December — the strongest such reading in a 12-month period since December 2022, underscoring a broadening recovery in living standards alongside headline growth.
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