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ISCOVER
Staff Reporter
The Australian economy is well placed on the road to recovery with the national gross domestic product (GDP) rising slightly more than expected throughout the June quarter.
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GDP grew 1.2 per cent in the quarter, seasonally adjusted, following an upwardly revised 0.7 per cent increase in the previous quarter, according to the Australian Bureau of Statistics.
The rise brought annual growth to 3.3 per cent, marking Australia's nineteenth consecutive year without a recession.
Economists had forecast 0.9 per cent actual growth in the quarter, and 2.8 per cent actual growth year-on-year.
The federal government labelled the result "outstanding", with Prime Minister Julia Gillard releasing a statement that read: “the country continues to benefit from strong economic management as well as the hard work and resilience of the Australian people”.
