This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/business-18336521#sa-ns_mchannel=rss&ns_source=PublicRSS20-sa
The article has changed 4 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Australia's economy expands more than expected | Australia's economy expands more than expected |
| (36 minutes later) | |
| Australia's economy expanded more-than-expected in the first three months of the year allaying fears of a global slowdown hurting its growth. | Australia's economy expanded more-than-expected in the first three months of the year allaying fears of a global slowdown hurting its growth. |
| Growth was 1.3% during the period from the previous three months. Analysts had projected a 0.5% expansion. | Growth was 1.3% during the period from the previous three months. Analysts had projected a 0.5% expansion. |
| Compared with the same period last year, the economy grew by 4.3%. | Compared with the same period last year, the economy grew by 4.3%. |
| There have been fears that slowing global demand for commodities and a stagnant domestic market may hurt Australia's growth. | There have been fears that slowing global demand for commodities and a stagnant domestic market may hurt Australia's growth. |
| However, some analysts said that the latest data showed that Australia's economy was well placed to sustain growth. | However, some analysts said that the latest data showed that Australia's economy was well placed to sustain growth. |
| "The data suggests that even though we are still concerned about the global economic uncertainty, the impact on the Australian economy has been vastly over estimated so far," Michael McCarthy of CMC Markets told the BBC. | "The data suggests that even though we are still concerned about the global economic uncertainty, the impact on the Australian economy has been vastly over estimated so far," Michael McCarthy of CMC Markets told the BBC. |
| Balanced growth | |
| One of the biggest worries about the Australian economy has been that while its mining sector has been booming in recent years, other parts of the economy have not been doing too well. | |
| However, the latest gross domestic product (GDP) data indicated that the trend may be changing. | |
| It showed that sectors such as professional, scientific and technical services and the financial and insurance sectors contributed as much as mining to the overall economic growth. | |
| Household spending also rose during the period, which analysts said was an indication that consumer sentiment remained upbeat. | |
| "The thing that catches my eye is very strong consumption numbers and an unusually large contribution from professional and scientific services," said Matthew Johnson a senior economist at UBS. |