Australia's Economy Surges, Beats Expectations

0:00From Adelaide, this is your March 4th update. Australia's economy grew at an annual rate of 2.6% in the December quarter. That's up from 2.1% in the prior period. It marks the strongest pace in nearly three years and beat all expectations. On a quarterly basis, growth hit 0.8%, that's a solid jump from the 0.5% scene in the September quarter. The reserve bank of Australia had forecasted just 2.3% annual growth by year's end. It's hotter than expected performance caught economists off guard. Meanwhile, inflation picked up more than anticipated late last year. That surge in prices added pressure on the economy. Officials at the reserve bank, responded by hiking interest rates in February. The move aims to cool activity and tame rising costs. A quick thank you to our sponsor of today's episode, Headphones in a Pillow. Once you try it, it just makes sense. So-L-I-SOLYPILLO.COM.