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Australian economy towards pre-pandemic already

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Beating the expectations, the first quarter’s GDP rose by 1.8% in Australia this year. 

The soaring demand of commodities from around the world coupled with the spending of consumers and businesses has made the GDP hit the growth spurt in the first economic quarter. 

The lockdown measures imposed last year had suppressed the country in an economic recession.

As per Australian Bureau of Statistics, Factors such as rising household spending investments, businesses expanding their investments and the surge in price of iron ore and gas exports has helped drive the economic expansion. 

As the covid outbreak caused the country to fall into its first recession in 30 years last year, things have turned out positive for the economy this time. 

The Australian economy, in April-to-June quarter, the GDP had shrunk by 7% in 2020.

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