Economics
Australian Economy Grew Faster Than Expected on Households
- Data suggests economy had growth momentum before fires, virus
- RBA expects main hit from virus-induced China shutdown in 1Q
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Australia’s economy expanded faster than forecast in the final three months of last year, suggesting better growth momentum heading into the twin hits from wildfires and China’s virus-induced shutdown.
Gross domestic product advanced 0.5% from the third quarter, when it rose an upwardly revised 0.6%, statistics bureau data showed in Sydney Wednesday. Economists estimated a 0.4% quarterly gain. From a year earlier, it expanded 2.2%.