Australia’s Growth Quickens as New Mines Drive Export Surge
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Australia grew faster than forecast last quarter as newly built mines boosted exports, validating the central bank’s decision to keep interest rates steady.
The currency gained after data Wednesday showed gross domestic product advanced 0.9 percent from the final three months of 2014, above the median forecast for a 0.7 percent gain. The economy was spurred by a 5 percent jump in exports in the first quarter even as commodity prices fell.