Australia Economy Grows Most in Four Years Thanks to Exports
- Gross domestic product rises 1.1% from previous three months
- Expansion driven by more exports, higher household spending
Australia 1Q GDP Rose 1.1% on Quarter Beating Estimates
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Australia’s economy grew at the fastest pace in four years last quarter -- underpinned by an export bonanza -- even as diminishing inflation pressures spurred the central bank to cut interest rates in May.
The report is a fillip for Prime Minister Malcolm Turnbull, who’s battling for another term ahead of what’s shaping up to be a hard-fought July election. It’s also a snapshot of Australia’s economy in the rear-view mirror, a period when the iron ore price jumped amid resurgent demand in China and unemployment dropped to a two-and-a-half-year low.