The Australian Bureau of Statistics has released data showing that gross domestic product grew at a seasonally adjusted annual rate of 3.3 percent in the 3rd quarter of 2010. This is and acceleration in Australia’s economy of 1.2 percent, its fastest pace in three years. The economic growth was driven by a 1.6 percent increase in household expenditures and a 5.6 percent increase in exports. Construction, mining and professional and technical services also increased in production.
Bob Cunneen, senior economist with AMP Capital Investors, said the numbers were surprisingly robust. ”This sort of GDP result is exceptional and won’t be the rule, but it also underscores how well Australia is doing with the China growth story,” he said.
Other economists also hailed the GDP figure. ”It’s a fantastic result – the economy is as strong as an ox,” said Brian Redican, a senior economist at Macquarie. “It was also well balanced, with household consumption much stronger than anyone thought.”
Australia has gone for 19 years without experiencing an economic recession.
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