Forexpros – Australia’s gross domestic product rose more-than-expected in the second quarter of 2011, official data showed on Wednesday.
In a report, the Australian Bureau of Statistics said that Australia’s economy expanded by a seasonally adjusted 1.2% in the second quarter, above expectations for a 1.0% gain.
The preceding quarter’s figure was revised to a decline of 0.9% from a previously reported 1.2% drop.
The report showed that Australia’s economy grew at an annualized rate of 1.4% in the three months to June, after rising at an annualized rate of 1.0% in the first quarter.
Analysts had expected Australia’s economy to grow at an annualized rate of 0.7% in the second quarter.
Following the release of the data, the Australian dollar was up against its U.S. counterpart, with AUD/USD jumping 1.05% to trade at 1.0596.
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