Australian Economy exceeds expectations

1144347_50794304Australia has been recognized among the fastest growing countries in the world, backed by a strong first quarter in exports and construction. According to the Australian Bureau of Statistics, the country’s Gross Domestic Product increased by 1.1% for the first three months of the year, increasing the annual growth rate of the country to 3.5%.

The 1.1% increase in the GDP came as a surprise, as economists were expecting an increase of 0.9%. Dwelling construction was backed by the recent announcement of the Reserve Bank to keep interest rates at 2.5%, with mining, financial and insurance services playing a role in the economy’s strong performance.

Read more about this on the Australian website.