Arab Today, arab today \remarkable\ australian economy steams ahead
Last Updated : GMT 12:19:39
Arab Today, arab today
Arab Today, arab today

\'Remarkable\' Australian economy steams ahead

Arab Today, arab today

Arab Today, arab today \'Remarkable\' Australian economy steams ahead

Sydney - AFP

Australia Wednesday hailed as \"remarkable\" the 1.3 percent growth in its mining-driven economy in the first three months of 2012, as consumer spending rallied and business investment boomed. The Australian Bureau of Statistics (ABS) said the quarter-on-quarter numbers, compared with an upwardly-revised 0.6 percent for the final quarter of 2012, took annual growth to 4.3 percent. Both figures overshot forecasts of 0.7 percent and 3.4 percent respectively in a performance driven by rallying consumer spending and business investment which offset gloom in exports. Treasurer Wayne Swan described the data as \"stunning\" proof of Australia\'s world-beating economic strength, with annual growth at its fastest pace since before the global financial crisis more than four years ago. \"Today\'s national accounts paint an extraordinary picture of exceptional growth in the March quarter... putting our economy in a league of its own, despite ongoing global turbulence,\" Swan said. \"This is a remarkable outcome and reaffirms Australia\'s position as one of the strongest economies in the world, with the Australian economy growing faster than every single major advanced economy in the March quarter.\" The central bank has slashed interest rates by 75 basis points to 3.50 percent since the last growth reading in a bid to stimulate the sluggish non-mining part of the economy which has slowed on jitters over European debt. Business investment was bolstered by \"exceptional\" growth in engineering construction linked to the nation\'s unprecedented resources boom, with 20 percent growth in the quarter and more than 50 percent in the past year. Swan said there was a record pipeline of investment, with firms expecting to spend Aus$173 billion (US$170 billion) in the 12 months to June 2013 -- an increase of 23.5 percent from the same period last year. The total planned pipeline of resources investment had now reached \"half a trillion dollars, with more than half of these projects at an advanced stage\", he added. \"While fragile global conditions are clearly weighing on confidence, trade and financial markets, today\'s report is a resounding endorsement of the strength and resilience of the Australian economy,\" Swan said. The Australian dollar jumped half a US cent on the news, hitting 98.28 US cents from an earlier 97.76 US cents. Mining continued to underpin growth in the resources-rich nation, increasing 2.3 percent in the quarter and contributing 0.2 percent to gross domestic product, according to the ABS. Exports fell 1.3 percent in the quarter as cyclones hit iron ore exports from the west coast, global economic conditions softened and the high Australian dollar impacted trade-exposed industries. The terms of trade -- the value of exports versus imports -- slumped 4.3 percent in the quarter as commodity prices eased, but Swan said they \"remain close to record highs\" and would likely stay there due to strong Asian demand. Canberra expects growth of 3.25 percent in 2012-13 and 3.0 percent each of the following three years, while the Reserve Bank of Australia has tipped growth of between 2.5 and 3.5 percent.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today \remarkable\ australian economy steams ahead Arab Today, arab today \remarkable\ australian economy steams ahead

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today \remarkable\ australian economy steams ahead Arab Today, arab today \remarkable\ australian economy steams ahead

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday