Australia's GDP Rises 2.4 Percent on Year

Australia's economy grew by 1.1% in the fourth quarter, surpassing expectations of 0.8%. This growth reverses a previous 3.5% contraction, avoiding a technical recession. The year-on-year growth is 2.4%, driven by a rebound in commodity prices, with iron ore and coal prices rising significantly. The current account deficit narrowed to its lowest since 1979, and the trade surplus reached a record $3.5 billion. Strong household consumption and housing construction also contributed to the positive GDP figures.

What was the growth rate of Australia's economy in the fourth quarter?

• 1.1%

• 3.5%

• 0.8%

• 2.4%

Which commodity's price exceeded $90 per ton, contributing to Australia's economic growth?

• Gold

• Iron ore

• Silver

• Copper

What was the state of the current account deficit in Australia during the period discussed?

• It widened significantly

• It increased slightly

• It remained unchanged

• It narrowed to its lowest since 1979

What was the trade surplus in December?

• 2.5 billion

• 4.5 billion

• 3.5 billion

• 1.5 billion

Which sector showed strong performance alongside household consumption?

• Manufacturing

• Agriculture

• Housing construction

• Technology