Country recoups pandemic losses as rapid rebound spurs growth

In recovery: People exercise in Melbourne as the lockdown is extended by seven more days. The country’s economy has nevertheless picked up in the last three months. — AFP

SYDNEY: Australia’s economy expanded faster than economists forecast in the first three months of the year, driven by the private sector as firms boosted investment and households tapped their pandemic savings war chest.

Gross domestic product (GDP) advanced 1.8% from the final quarter of 2020, when it rose a revised 3.2%, the Australian Bureau of Statistics said in Sydney yesterday. Economists had forecast a first-quarter gain of 1.5%. From a year earlier, the economy expanded 1.1% versus an estimated 0.6% increase.