Australia’s economy goes back to pre-pandemic levels as consumers, businesses spend

02.06.2021 - Evdokimov Roman
Australia’s economy goes back to pre-pandemic levels as consumers, businesses spend

Australia’s economy hits pre-pandemic levels as consumers and businesses spent lavishly, lifting the economy from the coronavirus drag, causing the country’s first recession in thirty years.

The economy of the Land Down Under grew by 1.8% in the three months to March as indicated in the data released by the Australian Bureau of Statistics (ABS) on Wednesday.

It surpassed the 1.5% growth forecast following an upwardly revised 3.2% gain in the fourth quarter.

The two consecutive quarterly growth lifted annual output to 1.1% to A$525.7 billion ($408.05 billion), far from last year’s recession low of $468.3 billion.

The stronger-than-expected figures propelled Australia’s benchmark share index to record highs while supporting the local dollar near a one-week high.

The Reserve Bank of Australia (RBA) has welcomed recent strength in data but has reiterated it will not raise the cash rate from its record low of 0.1% until inflation was sustainably within its 2-3% target band.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?