The Australian economy is showing its first growth since March when nationwide coronavirus closures began to loosen.
Data, published by the Australian Bureau of Statistics (ABS), showed the economy grew 3.3% in the three months to September after contracting 7% in the previous quarter, and far better than expected for growth of 2.6%.
The Aussie dollar traded stronger against the US dollar following this encouraging growth reading.
However, according to ABS, economic activity in Australia is still declining and overall Gross Domestic Product (GDP) is still down 3.8% this year compared to 2019.
Meanwhile, the resurgence is said to have been driven by the increase in household spending in Australia which recorded an increase of 7.9%, apart from also supported by government spending of 1.4%.
The growth shown in the latest data is in line with the Reserve Bank of Australia (RBA) projections which also expect an increase in the unemployment rate.
This encouraging increase indicates that the previously restricted Victorian economy is very resilient. Australia's second largest state contributes about 25% of the country's GDP.
