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Australia's economy rebounds sharply in Q3, beats f'cast

Published 02/12/2020, 11:33 am
Updated 02/12/2020, 11:36 am
© Reuters.

SYDNEY, Dec 2 (Reuters) - Australia's economy rebounded sharply in the third quarter from a coronavirus-induced contraction, official data showed on Wednesday, as massive monetary and fiscal stimulus boosted household consumption.

The economy expanded by 3.3% in the three months to September, data from the Australian Bureau of Statistics (ABS) showed. Economists in a Reuters poll had forecast a 2.6% rise after a 7% contraction in second quarter. an annual basis, gross domestic product (GDP) still shrank 3.8%, suggesting policy support will still be needed for the A$2 trillion economy.

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