According to the Australian Bureau of Statistics, Australia's gross domestic product increased by 3.1% in the fourth quarter, against expectations of 2.5% and the previous quarter's 3.4%. In yearly terms, the GDP contracted by 1.1% in the fourth quarter, after contracting by 3.7% in the third quarter and surpassing expectations of a 1.8% contraction.
Household spending is behind this rise, as it has climbed by 4.3% over the quarter. Private investment also rose, increasing by 3.9% over the period.
“This is a very encouraging performance from the Australian economy given the economic abyss that we were staring into at the peak of this crisis,” commented Australia's Treasurer Josh Frydenberg. “This is an achievement that all Australians have contributed to and all Australians can be proud of.”
Frydenberg claimed that the Australian economy has recovered to 85% of its pre-coronavirus levels, and at a quicker pace than expected.
It seems that the successful healthcare measures that were implemented by the government have been successful and have permitted local authorities to ease restrictions safely.
So far, 28,996 individuals have been infected with COVID-19 in Australia, including 909 fatalities. Recently, Australia joined the rest of the world and began its vaccination campaign, and is now attempting to immunize healthcare workers, as well as old and disabled citizens. Around 47,759 dosages have been already distributed among the population, which is way below the government's projections for the end of February.
By 11:09 GMT, the Australian dollar went down by 0.04% against the US dollar, falling to the 0.7814 level.