Australia's economic growth accelerated in the second quarter of 2017 as exports and consumer spending surged to ease fears about a worsening outlook. GDP expanded by 0.8% quarterly, after rising by 0.3% in the first quarter of the same year.
On an annualized basis, GDP rose by 1.8% in the second quarter, after rising by 1.7% in the first quarter of the same year. Household consumer spending rose by 0.7%, while exports of goods and services rose by 2.7% in the second quarter.
Earlier this week, some official data showed that government spending on consumption rose by 1.2%, while investment spending by government and public enterprises rose by 11.9%. The Reserve Bank of Australia kept interest rates unchanged at its meeting yesterday at 1.5% since it cut them in August last year.