Australia Logs 1.1% GDP Growth in Q1 2014
By Vittorio Hernandez | June 4, 2014 1:38 PM EST
World economy shows signs of growth, according to economists polled by Thomson Reuters.
With the expansion, the country's yearly growth rate the past 12 months to March is 3.5 per cent, said the Australian Bureau of Statistics. The bureau explained the unexpected growth to the mining, financial and insurance services and the construction boom fuelled by the Reserve Bank of Australia's sustained low interest rate policy.
Economists were expecting a lower 0.9 per cent Q1 GDP growth rate. The projected yearly growth rate is 2.75 per cent for the current financial year and 2.5 per cent for the next financial year.
Commenting on the surprise numbers, Treasurer Joe Hockey said, "They prove that our economy is resilient - we have a very solid foundation for future growth.
He added, "But as I've said on may occasions future growth must be earned."
The 3.5 per cent annual growth rate means that the Australian economy is expanding faster compared to the economies of the U.S., UK or New Zealand on an annualised basis.
To contact the editor, e-mail:
Join the Conversation
- Travel Alert: Australia Mulls To Review Airport Security Policy, Could Allow Scissors, Metal Cutlery Back In Planes
- 5 Likely Reasons Why You Are Not Getting Hired
- With Falling Oil Prices All Eyes On OPEC Meeting
- This Is How Obesity Weighs Down Global Economy By 2 Trillion Dollars Every Year
- Consumer Alert: Retailer Simons Goes Out Of Quebec, To Open Five Stores Across Canada
- Russia Is Ready for Shooting War, Will Likely Win Looming Nuclear Showdown with U.S. – Report
- Microsoft Band Runs Out Of Stock, But Offers $10 Gift Voucher To Wait-Listed Customers
- Black Friday And Cyber Monday Sale 2014: AT&T's Cricket Wireless Offers Discounts On Lumia 1320, Galaxy S5, S4 And HTC Desire 510
- ISIS Kidnaps Iraqi Defence Minister’s Family, Executes Female Parliament Candidates
- Google Joins Forces with GoPro Inc with New Google Maps Focusing on Destination
- Target Early Black Friday 2014 Sale Ad Released For Nov. 26, 2014 Includes Deals On Toys, HDTVs And Video Games Such As ‘FIFA 15’ And ‘NHL 15’ For Xbox 360 [WATCH VIDEO]
- 16GB iPhone 6 for $99 at Sam’s Club is the Best 2014 Black Friday Deal Around