Australia's GDP expands more than expected; fastest pace since September 2023

Australia's economy expanded more than expected in the second quarter of the year, marking the fastest pace of growth since September 2023.

The country's GDP grew 1.8% year over year, higher than the 1.6% expected by economists polled by Reuters, and higher than the 1.3% seen in the previous quarter.

On a quarter-over-quarter basis, Australia's GDP grew 0.6%, compared to 0.5% forecast in the Reuters poll.

Data from the Australian Bureau of Statistics said that the growth was driven by domestic spending, including household and government consumption.

However, public demand was flat as public investment fell 0.2 percentage points, negating the 0.2 percentage point rise in government expenditure. Net trade contributed modestly to growth, led by exports of mining commodities.

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