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Australian economy grows 3.4 pct in Q4 2021

CANBERRA
2022-03-02 14:44

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CANBERRA, March 2 (Xinhua) -- Australia has recorded its equal strongest quarterly growth in 46 years driven by the household spending after COVID-19 lockdowns.

The Australian Bureau of Statistics (ABS) on Wednesday published national accounts data for the December quarter, revealing gross domestic product (GDP) rose 3.4 percent in the final quarter of 2021.

It takes the total economic growth for 2021 to 4.2 percent despite a 1.9 percent contraction in the September quarter amid a widespread outbreak of COVID-19.

The ABS said the Australian economy was 3.4 percent bigger in the December quarter 2021 than the previous coronavirus pandemic in December 2019.

According to the ABS, spending on hotels, cafes and restaurants rose 24.3 percent between the September and December quarters.

Spending on recreation and culture increased 17.1 percent and health spending by 7.9 percent as movement and trading restrictions were lifted.

"Domestic demand drove the growth this quarter, with high levels of household spending, particularly in the states that emerged from COVID-19 lockdowns," Sean Crick, acting head of national accounts at the ABS, said in a media release.

"Household spending in New South Wales, Victoria and the Australian Capital Territory rose 9.6 percent, compared to the rest of Australia which rose 1.6 percent."
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