Australian economy grew 0.9% in first quarter, beat forecasts

  • The Australian economy grew 0.9% in the first quarter of 2015 from the previous quarter, beating expectations.

    The mining sector as well as insurance and financial services contributed to the growth.

    The forecasts for the first quarter growth were between 0.5% and 0.7%.

    In annual terms, Australia’s economy grew by 2.3%, exceeding the expectations of 2.1%.

    Meanwhile, the country’s central bank did not cut lending rates further on Tuesday, though businesses were seeking cuts to boost the economy.

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