Australia's third-quarter economic growth missed analysts' expectations, but clocked its fastest expansion in about two years, driven by strong investment and consumer demand.

The country's GDP rose 2.1% year on year, marking its strongest expansion since the third quarter of 2023 when the economy grew at the same rate, data from the Australian Bureau of Statistics showed on Wednesday . Economists were expected GDP growth of 2.2%.

On a quarter-on-quarter basis, Australia's GDP grew 0.4% compared with 0.7% forecast in a Reuters poll.

"The miss isn't a sign of a materially weaker economy," said Harry Murphy Cruise, head of economic research and global trade at Oxford Economics, noting that excluding inventories and trade, the domestic economy surged 1.2% compared with the previous quar

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