Market News
Australia's annual growth hits two-year high in Q3, markets weigh risk of rate hike - REUTERS
By Stella Qiu and Wayne Cole
Summary
- Strength seen across businesses, governments and consumers
- Quarterly rise weighed by large drawdown in inventories
- Nominal growth at staggering 5.4% for Q3
SYDNEY, Dec 3 (Reuters) - Australia's economy grew at the fastest annual pace in two years in the September quarter, fuelled by business, government and consumer spending as markets wagered the next move in interest rates could be up, rather than down.
Data from the Australian Bureau of Statistics showed real gross domestic product (GDP) in the third quarter climbed by 2.1% from the same period a year earlier, the fastest since mid-2023 and above the RBA's estimate of trend growth of 2%.
