GDP grows by 1.3% last quarter

Australia’s gross domestic product grew by 1.3% last quarter, bringing the total to 4.3% for the year from March 2011 to March 2012.

The result far exceeded economists’ modest expectations of a 0.6% growth figure, with a 3.3% annual rise. The boost was due to a surprise rise in household spending and an increase in non-residential construction.

The announcement caused a jump in the Aussie dollar, which went up by over half a cent to US 98.3 cents.

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