Australia's economy rebounded strongly in the second quarter with higher-than-expected growth of 1.2% driven by business investment, household spending and a buildup in inventories.
The gross domestic product figures, which followed a revised 0.9% contraction in the economy in the quarter that ended in March, signal a recovery in Australia, after floods and cyclones at the turn of the year damaged the nation's mining and agricultural sectors.
Most economists had forecast between 0.9 and 1% growth in the quarter, but the stronger outcome helped take the nation's annual economic growth rate to 1.4%.
"We expect investment and exports to continue driving the economy to above-trend growth over the coming year,' said Annette Beacher, head of Asia-Pacific research at TD Securities, adding she expected GDP to rise to 2% in 2011 and 4.5% the following year.
However, higher imports, which exceeded exports, dragged the GDP number down by 0.5 percentage points.
The nation's central bank, which on Tuesday left interest rates at 4.75 per cent, has warned that uncertainty in Europe and the US risked damaging sentiment in Australia.
"Australia's economy faces a very unusual and powerful set of complex forces," said Glenn Stevens, Reserve Bank of Australia governor. "Economic growth has been uneven and patchy, and financial concerns keep recurring with waves of positive and negative sentiment sweeping global markets."
--Glenn Stevens, Reserve Bank of Australia governor
He added that outlook for the non-resources parts of Australia's economy was weaker than it looked earlier this year, while the recovery of flood-affected mining in Queensland had taken longer than expected.
However, Wayne Swan, Australia's treasurer, said the GDP figures provided "confidence in the underlying resilience of our economy" at a time when many advanced countries around the world were struggling.
"We have an economy with strong investment, rising incomes, sustainable consumption and low unemployment and these are the building blocks of a strong economy," Mr Swan said.
The economic growth figures provided a welcome opportunity for Swan to promote the ruling coalition's stewardship of the economy after a string of policy setbacks triggered a sharp fall in the government's popularity.
The Australian dollar rose after the GDP figures were released, rising from $1.0539 to $1.0568.
comment: I remember, that my uncle went to austria with other persons and an ignorant girl asked, where are the kangaroos?.......................
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