SYDNEY: Australia’s mining-powered economy expanded 0.8 percent in the last three months of 2013, according to official statistics released yesterday which beat expectations and put on-year growth at 2.8 percent.
The Australian Bureau of Statistics figures compare with analyst expectations of 0.7 percent growth in the December quarter and 2.5 percent on-year as a decade-long mining boom slows. “The growth is supported by the ramp up in exports,” said National Australia Bank senior economist David de Garis.
“The domestic economy is still quite soft and domestic final demand only grew by 1.2 percent over the course of last year.”
The figures add to suggestions that the economy is at an upwards turning point, with
the numbers relating to a quarter in which weakness in major market China and turmoil
in Australia’s manufacturing sector featured.
But Daniel Martin, Asia economist with Capital Economics, said 2014 was still likely to prove a difficult year for the Australian economy. AFP
