World Economic News

The Australian economy grew at its fastest pace in three years in the second quarter of the year.

The growth was fuelled by demand for the country’s iron ore and other commodities, mainly from China.

The figures released on Wednesday showed gross domestic product (GDP) expanded 1.2% in the April-June quarter from the previous quarter, compared with 0.7% in the first quarter.

Australia has gone for… more...

Australia’s economy grew for a fifth straight quarter in the first three months of the year, but at a slower rate than the previous quarter.

Official figures show GDP in the three months to March was 0.5% higher than in the same period last year.

Growth for the last three months of 2009 was also revised up to 1.1%, giving Australia a growth figure of 2.7%… more...