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The Australian economy has grown at a higher than expected rate since June as reports have announced a growth of 0.6% which is considerably higher than the predicted 0.2% put forward by analysts. Analysts had predicted that growth would be slower after there was a sharp fall in exports in the previous three months since June. As a result Australia’s GDP grew a revised 0.4% in the first three months of the year and the economy has expanded 0.6% on the same time last year. Australia’s economy has consistently been the best performing developed country during the global downturn with subsequent growth since December. It has also avoided technical recession by not having two consecutive quarterly downturns which has been aided by a robust banking system. The Australian Dollar raised 0.5% against the US Dollar as results showed the increased quarterly GNP further reinforcing the government’s plan to get the economy back on track. GNP is predicted to rise further in coming months with the government spending A $22 billion on roads, railways and schools. Consumer spending was up 0.8% in the three months to June which is the largest gain since December 2007 fuelling further confidence of a global rebound.
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