Australia's Economy Grew 2.5%

by joy.manginsay 29. December 2011 19:05

Based on the Statistical Bureau, Australia Gross Domestic Product (GDP) rose 2.55% in the months till the end of September from the same period a year earlier. Australia’s economy grew more than expected in the third quarter because of the building and mining activity. Aside from that, Analysts expected a gain of 2.1% and the Australian dollar rose slightly, there was also second rate cut and expected the next inflation.

According to Brian Redican from Macquarie, “We see solid growth right through next year, which is diametrically opposite to what the most of the developed world can look forward to.” Analyst expects that Australia’s Economy will be better placed compared to many others. One of the contributors of having good economy is the continuing health of the resource industry and that is the mining industry. The data showed that business contributed 2.5% to GDP growth, engineering construction rose 31% and household consumption grew 1.2%. Therefore, Economy’s growth should continue into next year and the followings years.

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