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Post-lockdown spending spree helps Australia’s economy rebound
Gross domestic product grew by 3.4% in December quarter, but recovery not as strong as some economists had predicted
Pent-up demand by households freed from Covid lockdowns helped drive Australia’s economy back to growth in the December quarter, although the pace of the rebound fell short of some expectations.
Australia’s gross domestic product expanded at a seasonally adjusted 3.4% clip in the December quarter, recovering from a 1.9% contraction in the previous three months when Melbourne and Sydney was under tight Covid restrictions, the Australian Bureau of Statistics said on Wednesday.
Read the original article at The Guardian