The Australian sharemarket showed little reaction following the release of data indicating stronger-than-expected economic growth in the December quarter. The S&P/ASX 200 Index, which had been down by 1.5 per cent earlier in the day, remained subdued after the 11.30am AEDT data release. As of 11.38am, the index was down 1.6 per cent, or 141.70 points, at 8935.60.
Australia’s gross domestic product (GDP) grew by 0.8 per cent in the fourth quarter, surpassing expectations. This figure is an increase from the upwardly revised 0.5 per cent growth recorded in the previous three-month period. Economists polled by Reuters had consensus forecasts of 0.6 per cent.
On a year-on-year basis, the Australian economy expanded by 2.6 per cent. This represents an increase compared to the 2.1 per cent growth recorded in the third quarter. The consensus forecast had predicted a 2.2 per cent expansion.
