Australia reports fourth-quarter GDP growth of 1.3%, beating estimates

Australia’s economy expanded 1.3% year on year in the fourth quarter, accelerating for the first time since September 2023.

The GDP growth beat expectations of a 1.2% rise from economists polled by Reuters.

The data comes after Australia’s central bank slashed benchmark rates in its monetary policy meeting last month, marking its first cut in over four years, amid economic sluggishness and easing inflation.

Australia’s S&P/ASX 200 stock index fell 0.88% after the data release, while the Aussie dollar weakened to trade at 0.6256 against the greenback.

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