Australia's economy is back on a growth path after it registered a 1.1 per cent gross domestic products (GDP) growth rate for the first quarter of 2013, The Australian reports.
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.