Sydney, Australia
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Australia’s economy expanded 1.3% year on year in the fourth quarter, accelerating for the first time since September 2023.
The GDP growth beat expectations of a 1.2% rise from economists polled by Reuters.
The country’s statistics bureau said that growth was “modest” but broad-based, adding that “both public and private expenditure contributed to the growth, supported by an increase in exports of goods and services.”
On a quarter-on-quarter basis, GDP rose 0.6%, beating expectations of a 0.5% rise from a Reuters poll and marking its fastest growth since the third quarter of 2022.
The data comes after Australia’s central bank slashed benchmark rates in its monetary policy meeting last month, marking its first cut in over four years, amid economic sluggishness and easing inflation.
Australia’s S&P/ASX 200 stock index fell 0.88% after the data release, while the Aussie dollar weakened to trade at 0.6256 against the greenback.
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