Mining exports drive Australian growth
Published on Jun 4, 2014 11:23 AM
SYDNEY (AFP) - The Australian economy expanded a better-than-expected 1.1 per cent in the first quarter of 2014 with a strong rise in mining exports driving growth, data showed on Wednesday.
Annual growth was 3.5 per cent, the Australian Bureau of Statistics said, compared with analyst expectations of 3.1 per cent.
Markets watchers expected growth in the three months to March to be 0.8 per cent.
The Australian dollar rose by a third of a US cent to 92.92 US cents on the back of the strong quarterly figures, which followed a 0.8 per cent expansion in the three months to December.
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