(Reuters) — Australia’s economy extended its rapid recovery in the first quarter as consumers and businesses spent with abandon, lifting output back above where it was last year when pandemic lockdowns tipped the country into recession.
Gross domestic product (GDP) rose a real 1.8% in the March quarter, topping forecasts of a 1.5% increase, the Australian Bureau of Statistics reported on Wednesday. Output was up 1.1% on the same quarter of last year at A$525.7 billion ($408.05 billion), a major turnaround from last year’s recession low of $468.3 billion.
Household spending added 0.7 percentage points to GDP, home building and sales 0.5 percentage points and business investment 0.3 percentage points.
