Investing.com – Australia’s gross domestic product contracted more-than-expected in the first quarter of 2011, official data showed on Wednesday.
In a report, the Australian Bureau of Statistics said that Australia’s economy contracted by a seasonally adjusted 1.2% in the first quarter, after growing by 0.8% in the previous quarter, whose figure was upwardly revised from 0.7%.
Analysts had expected Australia’s GDP to decline by 0.7% in the first quarter.
It was the biggest drop since Australia’s last recession in 1991, as flooded coal mines, railways and farmland hurt exports.
The report showed that Australia’s economy grew at an annualized rate of 1.0% in the first quarter, broadly in line with expectations, after rising at an annualized rate of 2.7% in the previous quarter.
Following the release of the data, the Australian dollar was up against its U.S. counterpart, with AUD/USD climbing 0.57% to hit 1.0734.
In a report, the Australian Bureau of Statistics said that Australia’s economy contracted by a seasonally adjusted 1.2% in the first quarter, after growing by 0.8% in the previous quarter, whose figure was upwardly revised from 0.7%.
Analysts had expected Australia’s GDP to decline by 0.7% in the first quarter.
It was the biggest drop since Australia’s last recession in 1991, as flooded coal mines, railways and farmland hurt exports.
The report showed that Australia’s economy grew at an annualized rate of 1.0% in the first quarter, broadly in line with expectations, after rising at an annualized rate of 2.7% in the previous quarter.
Following the release of the data, the Australian dollar was up against its U.S. counterpart, with AUD/USD climbing 0.57% to hit 1.0734.