Covid: Australia economy climbs back to pre-pandemic size

Sun Online Desk

2nd June, 2021 02:57:05 PM printer

Australia's economy has continued its rapid rebound, to grow larger than it was before the Covid-19 pandemic.

Official figures show that gross domestic product (GDP) rose by 1.8% in the first quarter, beating expectations.

Growth was spurred by a soaring demand for commodities around the world and spending by consumers and businesses.

Last year, Australia was tipped into recession after lockdown measures were imposed across the country.

Rising household spending, investment by businesses, and higher prices of iron ore and gas exports helped drive the expansion, according to the Australian Bureau of Statistics.

The country's speedy recovery has been helped by its ability to contain coronavirus outbreaks, which boosted consumer and business confidence.

Huge amounts of government spending and economic stimulus from the Reserve Bank of Australia have also helped to super-charge the rebound.

(BBC)


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