Australia’s economy grew at its fastest annual rate in almost three years in the December quarter, rising 2.6%, although this is still modest growth by historical standards.
Gross domestic product (GDP) for the quarter rose 0.8%, picking up from 0.5% in the September quarter, according to the Australian Bureau of Statistics. Both private-sector and government spending contributed to growth.
But the report predates the latest conflict in the Middle East. The economy now faces the challenge of higher petrol prices and geopolitical uncertainty, which could slow future growth.
