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Australian GDP Expands at More Than Twice Pace Forecast

Australia’s economy expanded at more than twice the pace economists forecast, sending the local currency, bond yields and stocks higher and prompting traders to pare bets on a half-point interest-rate cut next month.

First-quarter gross domestic product advanced 1.3 percent from the previous three months, when it rose a revised 0.6 percent, a Bureau of Statistics report released in Sydney today showed. The country’s A$1.45 trillion ($1.43 trillion) economy, the world’s 13th largest, is forecast by the International Monetary Fund to overtake Spain as the 12th biggest this year.