GDP growth in Australia in the 1st quarter exceeded forecasts

Investing.com – Australia’s GDP in the first quarter of 2018 increased by 1% compared to the previous quarter, which recorded an increase of 0.5%, according to official data. The market expected the Australian economy to increase by 0.9% in January-March.

In annual terms, the GDP of Australia increased by 3.1% in January-March after a 2.4% rise in the previous quarter, the average forecast of economists was 2.8%. The rise of the indicator was a record since the second quarter of 2016.

Consumer spending increased by 0.3% quarter-on-quarter, while government spending jumped by 1.6%, and capex business by – 1.3%.

• Australian exports increased by 2.4%, imports increased by 0.5%.
• The Australian dollar rises in price to the US dollar on GDP data.