Australian economy grows modestly in Q2, eases recession fears

SYDNEY: Australia's economy expanded by more than expected in the second quarter, driven by exports and investment, while household consumption remained weak as decade-high interest rates worked to cool demand.

Data from the Australian Bureau of Statistics on Wednesday showed real gross domestic product (GDP) rose 0.4% in the second quarter, slightly beating forecasts of 0.3%. That compared with an upwardly revised 0.4% growth in the first quarter.