Australian GDP Expands at More Than Twice Pace Forecast
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Australia’s economy expanded at more than twice the pace economists forecast, sending the local currency, bond yields and stocks higher and prompting traders to pare bets on a half-point interest-rate cut next month.
First-quarter gross domestic product advanced 1.3 percent from the previous three months, when it rose a revised 0.6 percent, a Bureau of Statistics report released in Sydney today showed. The country’s A$1.45 trillion ($1.43 trillion) economy, the world’s 13th largest, is forecast by the International Monetary Fund to overtake Spain as the 12th biggest this year.