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Australian Economy Rose 0.9% in Q2 Due to Reopening Borders

The Australian Financial Review ·  Sep 6, 2022 21:45

Gross domestic product rose 0.9 per cent in the June quarter, following a revised 0.7 per cent in March, data from the Australian Bureau of Statistics showed.

On an annual basis, GDP added 3.6 per cent, following a 3.3 per cent gain in the previous year.

The figures were broadly in line with economists' expectations, with the median forecaster pencilling in quarterly growth of 1 per cent.

"Rises in household spending and exports drove growth in the June quarter," said Sean Crick, head of national accounts at the ABS.

"This is the third consecutive quarter of economic growth, following a contraction in the September quarter 2021, which was impacted by the delta outbreak."

ABS said growth was aided by the first full quarter of re-opened domestic and international borders since the pandemic began.

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