THE Australian economy has grown at the fastest pace in more than a year, after it expanded by 0.9 per cent in the December quarter.
The positive result showed the economy rounded out 2009 on a strong note, after the previous quarter's 0.2 per cent growth was revised up to 0.3 per cent today by the Australian Bureau of Statistics.
The growth outcome, contained in the National Accounts, met the market expectations.
It is the fastest growth for the Australian economy since the June quarter of 2008, before the worst of the global financial crisis had unfolded.
The growth in the expenditure measure of GDP was driven primarily by a 3.5 per cent increase in private investment, a 10.2 per cent boost in public investment and housing expenditure rose by 0.2 per cent.
Net exports again proved a drag on the Australian economy by rising just 1.7 per cent, which was well outpaced by the 7.7 per cent boost in imports.
http://www.theaustralian.com.au/business/markets/australian-economy-picks-up-speed/story-e6frg926-1225836472346
The positive result showed the economy rounded out 2009 on a strong note, after the previous quarter's 0.2 per cent growth was revised up to 0.3 per cent today by the Australian Bureau of Statistics.
The growth outcome, contained in the National Accounts, met the market expectations.
It is the fastest growth for the Australian economy since the June quarter of 2008, before the worst of the global financial crisis had unfolded.
The growth in the expenditure measure of GDP was driven primarily by a 3.5 per cent increase in private investment, a 10.2 per cent boost in public investment and housing expenditure rose by 0.2 per cent.
Net exports again proved a drag on the Australian economy by rising just 1.7 per cent, which was well outpaced by the 7.7 per cent boost in imports.
http://www.theaustralian.com.au/business/markets/australian-economy-picks-up-speed/story-e6frg926-1225836472346
