World Business Briefing | Australia: Economic Growth Exceeded Expectations in Quarter
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The economy grew 2.8 percent in the fourth quarter, the fastest rate in 18 months, lifted by household spending and a boom in construction and mining, the government statistics bureau said. But the treasurer, Peter Costello, said a drought, the worst in a century, had weighed on farming. Gross domestic product grew 2.8 percent from the fourth quarter of 2005 and by 1 percent from the third quarter, the bureau reported. The result surprised most market analysts, who had expected interest rate increases to constrain growth. Analysts had expected growth of 2 percent.
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WASHINGTON - The US economy grew at a four per cent annual rate in the third quarter, slightly faster than the 3.9 per cent economists had been expecting.
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SYDNEY : Australia recorded its slowest quarter of economic growth for almost four years, as slower exports and a weakening housing market took their toll of one of the world&#39;s strongest economies.
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Exports help raise Q4 GDP to a stronger-than-expected 3.5%
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The US economy grew 4% in the second quarter of the year, a much stronger performance than first thought.
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By staff writers and wires. AUSTRALIAN company profits jumped 10.3 per cent in the June quarter thanks to robust consumer and business spending that will boost economic growth outcomes and the electoral prospects of the Howard Government.
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WASHINGTON : The International Monetary Fund commended Australia&#39;s economic management and said the country&#39;s 13-year expansion is likely to continue with 3.75 percent growth in 2004.
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The value of Australia&#39;s commodity exports is expected to hit $95 billion this financial year, with minerals and energy expected to drive the improvement.
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TONY EASTLEY: For years Australia&#39;s economy has been going at a cracking pace. Boom and surge were the words that accompanied the Treasurer&#39;s descriptions of the economy as Australia enjoyed growth not seen since the 1960s.
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Australia's conservative Prime Minister  John Howard celebrated a thumping election victory Sunday after  voters, enjoying the fruits of a strong economy, gave him what  looked certain to be an increased majority.
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The US economy grew at a faster-than-expected 3.9 percent annual pace in the third quarter of 2004, powered by robust consumer and business spending, the government revealed.
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India's economy grew at a faster-than-expected annual rate of 9.3% in the second quarter,  official figures say.
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SYDNEY  - Australia&#39;s commodity exports are forecast to increase by 15 percent to a record 95 billion dollars (71 million US), the government&#39;s key economic forecaster said.
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Australia&#39;s commodity exports are expected to soar to a record 96 billion Australian dollars (US$67 billion) in the current financial year, a national forecaster said in a report Monday.
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The expansion unexpectedly accelerated last month to the highest level in more than a year, a sign the economy is strengthening.
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China's economy is set to grow at a faster-than-expected rate of 10.4% this year, the Asian Development Bank says.
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Australia's economy grew by 2.8% in the final three months of 2006, despite a severe drought.