7 September 2016
The Australian economy is growing at its fastest pace in four years with Gross Domestic Product (GDP) increasing by 0.5 per cent to 3.3 per cent.
Australian Ambassador to Indonesia Paul Grigson said the Australian economy is entering its 26th year of uninterrupted growth despite an uncertain international environment.
The economy grew 3.3 per cent in the year to June 30, up from 3.1 per cent in the preceding quarter.
“Australia’s economy is successfully moving from mining investment-led growth to broader-based growth and presents a great opportunity for Indonesian investors,” Ambassador Grigson said.
“Services contributed most to growth during the quarter, and services exports, such as education and tourism, grew 6.3 per cent over the year. The result demonstrates the resilience and flexibility of the Australian economy,” he said.
Australia’s economy is growing faster than any of the G7 group of advanced economies, as well as some Asian economies such as South Korea, Singapore and Thailand.
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