The Australian economy in the first quarter grew by 0.8% compared to the previous three months, according to the Australian Bureau of Statistics. The country’s GDP rose for the second quarter in a row. At the same time, the growth rate was higher than expected. Analysts polled by Trading Economics expected an average of 0.5%, while The Wall Street Journal respondents expected 0.6%. In addition, the estimate of economic growth in the fourth quarter was improved to 3.6% from the previously announced 3.4%. Consumer spending in January-March increased by 1.5% (in October-December – by 6.4%), government spending – by 2.7% (by 0.4%). Exports decreased by 0.9%, mainly due to reduced supplies of metal ores and gold. Imports jumped by 8.1%, including due to increased purchases of transport equipment. Australia’s GDP in the first quarter grew by 3.3% compared to the same period last year. Analysts had expected a 2.9% increase. In the fourth quarter, the rise was 4.2%. Source: FINMARKET.RU

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